President Muhammadu Buhari sought to take $29.9 billion foreign loans following advice from the two chambers of the national assembly, Daily Trust has reported.
The loan request has now become a subject of politics as the executive and the legislature cannot see eye-to-eye on the request.
According to the Abuja-based newspaper, the legislature in October 2016 implored Buhari to take foreign loans.
This, they said, would be part of measures to get the nation out of the current economic recession.
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Senate President Bukola Saraki, the newspaper said, signed the letter to the president containing the resolutions of the national assembly – with foreign loans being the sixth on the list.
The letter, dated October 12, 2016, was titled “Resolutions of the National Assembly on the State of the Economy”.
In the letter, both chambers of the national assembly specifically urged Buhari to seek foreign loans to cover revenue shortfalls with a view to ensuring full implementation of the 2016 budget.
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1 comments
Unfortunately, we have no economic team so Saraki and Dogara can step in to advise Buhari. Without hesitation, Buhari accepted but without the covering their personal interest, they are now twisting the whole thing.