Buhari

Senator Sani Knocks Buhari Over Last-Minute Loans

Former Senator Shehu Sani has strongly criticized President Muhammadu Buhari’s last-minute loans from World Bank and other establishments.

Recall that President Muhammadu Buhari had asked the Senate to approve his request for obtaining a loan facility of $800m from the World Bank to finance the National Safety Net Programme.

Muhammadu Buhari 1

The request was in a letter read by Senate President Ahmad Lawan at the plenary session earlier in May.

A week prior, the House of Representatives also approved the Ways and Means N22.7 trillion loan as requested by the President which authorizes the federal government to borrow money from the Central Bank of Nigeria (CBN).

Reacting, Senator Shehu Sani hit the 9th Senate for its lack of thoughtfulness in evaluating the credibility of the loan request by the outgoing President Muhammadu Buhari.

According to a tweet he made earlier today, “The 9th Senate rushed to approve the last minute’s Presidential request without serious interrogation;

  1. Request for a $800m World Bank loan.
  2. Request for N22.3 trillion ways and means CBN loan.
  3. Request for $556.7m,£98.5m, and N226.2Billion judgement debt.
  4. Request for a refund of N22 billion to 2 ruling party states.”

Buhari, who will hand over power in four days, is leaving behind Nigeria’s debt of N77 trillion with the approved N22.7 trillion loans from the Central Bank of Nigeria (CBN) to the federal government, coupled with new borrowing proposed for 2023.