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Senate Declares Position On Buhari’s Last Minute Bid For $800m World Bank Loan

Published

2 years ago

May 15, 2023.

The Senate has revealed its stance on Buhari’s 11th-hour plea for an $800 million World Bank loan.
The fresh loan request has sparked concerns due to the country’s significant debt load.
The Senate spokesperson Ajibola Basiru during his appearance on Channels Television, said the senators would conduct a thorough examination of the President’s request.

EKO HOT BLOG reports that the Nigerian Senate has made its position clear regarding President Muhammadu Buhari’s appeal for an $800 million loan from the World Bank, coming just three weeks before the conclusion of his term.

Recalls that President Buhari had requested Senate’s approval for the loan on Wednesday, citing the need to support poor Nigerians who would be most affected by the planned removal of petrol subsidy through the National Safety Net Programme.

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The timing of the loan request has sparked concerns due to the country’s significant debt load.

Senate spokesperson Ajibola Basiru discussed the loan request during his appearance on Channels Television on Sunday, and he stated that the senators would conduct a thorough examination of it.

He added that relevant Senate committees would contact the necessary agencies to examine the President’s request based on the debt sustainability requirement under the Fiscal Debt Responsibility Act.

Despite this, Basiru declined to confirm whether the Senate would approve the loan request before the end of Buhari’s administration.

“I wouldn’t know the attitude of the ninth Assembly to the request. As you have said, the request was made available on Wednesday, and of course, as is characteristic of the Nigerian Senate, the request will be sent to the relevant committees of the Senate for consideration, and there will be interface with the relevant agencies of the executive to be able to get proper briefing,” he said.

“And of course the rationale and justification will also be examined in the context of the debt sustainability requirement under the Fiscal Debt Responsibility Act,” he added.

According to Basiru, “I cannot, this evening say whether it will be approved or that it will not be approved and in any event, I am just one senator out of 109 senators that will be considering the position.”