Following the recent approval of a 16 billion dollars loan for President Muhammadu Buhari, the former Senator representing Kaduna Central, Shehu Sani has accused the National Assembly of being complicit in the heavy debt profile of the nation.
Sani stated that the country has acquired so many loans and its debt profile has risen so high within a short period of time.
“It should be on record that this National Assembly is complicit in enabling the President to pile heavy debt burden for the nation, within the shortest period.”
The Senate on Wednesday approved the sum of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans for President Buhari to fund its legacy projects.
It approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market while asking the President to forward the terms and conditions of the loans from the funding agencies to the National Assembly.
According to Punch, the Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.
