Senate Approves Buhari’s €1billion Loan Requests

The ninth (9th) Senate has approved $16,230,077,718 and €1,020,000,000 loans requested by Nigeria’s President, Muhammadu Buhari, BLOGARENA reports.
The upper legislative chamber also approved grant components of $125million.

The president had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.

The request was made some months ago in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.

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In July, the legislators approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.

But in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”

The president said the loans, when obtained, will stimulate the economy and create jobs.

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Human rights’ activist, Omoyele Sowore, in October accused President Muhammadu Buhari of using Nigeria as a loan collateral for his medical treatment bills.

According to Sowore, loans taken by Buhari were used for his medical trips and not on roads.

Sharing a Twitter post by PucciStucci calling the attention of the Nigerian government to the bad state of Benin city/Sapele Road, Sowore wrote, “Adopted! ‪@MBuhari‬ borrows daily for his medical trips, not to fix roads. Using Nigeria as collateral for his medical treatment bills. Aluta contiua! You have our support‪. #revolution‬ ‪#RevolutionNow.”

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Since he assumed office on May 29, 2015, Buhari has embarked on medical trips abroad at least five times, covering a period of no fewer than 160 days of the six years he had been in power.




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