Tag Archives: loan

Foreign loans: Buhari, APC owe Nigerians apology – Atiku


Former Vice President and the presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general election, Atiku Abubakar, has asked President Muhammadu Buhari and the All Progressives Congress (APC) to apologise to Nigerians over what he described as reckless borrowing by the administration and how the terms of such loans could compromise the future of the country.

In a statement on Sunday, the former vice president said that some managers of the party and even the government had denied the allegations that he raised as well as the warning for caution.

But according to him, just last week, a cabinet minister confirmed the allegations.


“Now, we all are aware that Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that!

“Nigeria had a total foreign debt stock of $7.02 billion on May 29, 2015. Today, our foreign debt is $23 billion and rapidly rising. Debt, by itself, is not a bad thing. But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority and other sundry bogus contracts, is debt that leads to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility!,” the statement read in part.

Atiku said he has long advocated for a more robust engagement of the private sector and promotion of foreign direct investment as sustainable alternatives through which government could fund infrastructure development.


But on the contrary, according to him, the Nigerian government under the banner of the All Progressives Congress threaded the direction of looking for cheap foreign loans in exchange for the sovereignty for Nigeria.

“Recall that former President Olusegun Obasanjo’s administration initiated a National Privatization Programme with the sole objective of ensuring that the private sector took some measure of influence in social investment portfolio and, in some instances, provided funding for infrastructure development.

“There was nothing in that plan that traded Nigeria’s sovereignty for some cheap loans which, in the light of unfolding revelations of sleaze in some departments of government, would have ended in private pockets,”.

He, therefore, stated that the government and the APC must apologize to Nigerians and make an admittance of guilt for taking the country through the throes of subjugation to another country.


IMF agree 1 year loan program for Egypt.


The IMF board on Friday approved a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the COVID-19 pandemic.

The new funding under a standby arrangement comes on top of $2.8 billion in emergency aid the IMF board approved a month ago, although at the time officials acknowledged that more help would be needed.

The IMF noted Cairo had “a strong track record” of implementing economic reforms under fund-supported programs over the past four years, and the new loan will help put it on strong footing for recovery.

“Egypt was one of the fastest-growing emerging markets prior to the COVID-19 outbreak,” the IMF said in a statement. “However, the significant domestic and global disruptions from the pandemic have worsened the economic outlook and reshuffled policy priorities.”


The aid will focus first on health and social spending, as well as financial stability to keep a lid on inflation.

Fund staff agreed with authorities on the terms of the loan in early June, and said the funds also will open the doors to financing from other lenders and help support job creation by the private sector.

Egypt has suffered over 2,500 COVID-19 fatalities with over 61,000 cases, according to Johns Hopkins University’s tally.



World Bank yes $750M loan to Nigeria’s power sector


The World Bank on Wednesday says it has approved $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), to improve electricity supply.

The Bank, in a statement in Abuja, said the facility is intended to help Nigeria achieve financial and fiscal sustainability and enhance accountability in the power sector.

According to the bank, the economic cost of power shortages in Nigeria is estimated at around $28 billion, which is equivalent to two per cent of Nigeria’s Gross Domestic Product (GDP).

It stated that getting access to electricity is one of the major constraints for the private sector according to the Ease of Doing Business report.

It added that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, would be central to unlocking economic growth post COVID-19.

Shubham Chaudhuri, World Bank Country Director for Nigeria, said “lack of reliable power has stifled economic activity and private investment and job creation.


”This is ultimately what is needed to lift 100 million Nigerians out of poverty.

“The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic”.

The bank said that PSRO would provide results-based financing to support the implementation of the Government’s Power Sector Recovery Programme (PSRP).

It further explained that the PSRP was a comprehensive programme to restore the power sector’s financial viability, improve service delivery and reduce its fiscal burden.


“The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the impact of tariff adjustments.

“This will enable the turnaround of power sector while helping the Federal Government to redirect large fiscal resources from highly regressive tariff shortfall financing towards critical crisis-responsive and pro-poor expenditures. It will also increase public awareness about ongoing power sector reforms and performance.

“Specifically, the PSRO will ensure that 4,500 mwh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework.

“It will also enhance the accountability and financial viability of the sector, helping the sector create a track record of sustainable operation necessary for unlocking much needed private investments in the future,” the Bank explained



Buhari save Banks from bankrupt amid foreign loan request – Fashola


The Minister of Works and Housing, Babatunde Fashola, said on Saturday government’s borrowing saved banks in Nigeria from collapse.

The minister, who disclosed this in an Instagram Live Chat with City People, added that many people criticized the government’s borrowing because of their limited understanding.

He said: “Let me say this about borrowing. Many people criticize it because they do not understand. If the government doesn’t borrow, a critical sector of the Nigerian economy may collapse – that is the financial and banking sector. The biggest business as to which banks make money is to lend.


“That is where they get interests to pay customers. It is by that lending that the government and private sector make profit. So, it is critical to employment also.”

Fashola, who is a former Lagos State governor, however, added that “It is legitimate to hear people who are concerned about borrowing.”


He said the projects, which the money borrowed were invested in, were touching lives.

The minister added: “Since 2015, the infrastructural development programme of President Muhammadu Buhari is touching more lives than people have acknowledged.”



Breaking: Pakistan set to repay debt with huge loan request

The Pakistan government has decided to seek biggest-ever loan in country’s history to repay its

The Pakistan government has decided to seek biggest-ever loan in country’s history to repay its whopping foreign debt as the Finance Ministry mulling borrowing $15 billion in foreign loans during the next financial year, N.Rs quote sources on Sunday.

The sources said that the huge loan will be taken from the Asian Development Bank, China, Saudi Arabia and other financial institutions.

It is estimated that nearly $10 billion will be used to return the maturing loans while remaining money will become part of the external public debt which soared to $86.4 billion as of end-March this year.

New loans will be obtained to repay old ones as per the debt repayment scheduled while in the next fiscal year Pakistan government has to repay the $10 billion as the number of interest payments on loans has been multiplying.


As per media reports, the External Debt in Pakistan decreased to 109949 USD Million in the first quarter of 2020 from 111047 USD million in the fourth quarter of 2019. It is pertinent to note that in Pakistan, external debt is a part of the total debt that is owed to creditors outside the country.

There are several indicators to which the government has decided to take the biggest-ever loan in the history of Pakistan, including Covid-19 impact on the economy and since pandemic hit the country there has been economic slowdown that forcing Pakistan to cut the key interest rate further to 8 percent while rupee value hitting a record low.

The State Bank said wholesale inflation eased to near 2-year low, and Pakistan’s inflation rate at a 10-month low of 9.5 per cent while Moody’s changed Pakistan outlook to stable.


Pakistan and IMF

Pakistan and the IMF since 1958 have signed 21 agreements including the 12 Stand-by Agreements (SBAs) or as in economists call bail-outs with the IMF. It is relevant to mention here that these SABs have to be repaid within 3.5 and 5 years but due to the COVID-19.

In April 2020, Pakistan got its unexpected economic relief amid COVID-19. On April 16, IMF under its Rapid Financing Instrument (RFI) scheme approved a loan of $1.4 billion for Pakistan.



Reps alleges officials sign chinese loan documents. [Nigeria]

A member representing Ethiope Federal Constituency in Delta State at the House of Representatives, Ben Ibakpa, yesterday alleged that some Nigerian officials signed loan documents from China in written Chinese language.

The lawmaker made the claims when he appeared on Channels Television’s Sunrise Daily programme.

He further claimed that Nigeria’s legislative arm is not carried along when the country takes loans from China.


The Delta-born politician said, “The national assembly was kept in the dark in all these loans.

“The National Assembly is not part of it. Even the Bureau for Public Procurement is not aware of these loans.

“These loans are collected via the China Civil Engineering Construction Corporation (CCECC). They bring a bill, the Federal executive approves the bill.”


He claimed that “from what we have seen from other countries, the Chinese loans are overpriced and these people are very corrupt.”

Ibakpa pointed out that some Nigerian officials do not look into loan documents critically before signing, adding that “Some of these agreements that are signed, they come in Chinese language.”



Perisic might stay on loan at Bayern for another season


Inter and Bayern Munich will have to agree on the future of Ivan Perisic within the end of May and ideas of another loan deal in Bavaria have emerged.


The Bundesliga giants have an option to sign the player on a permanent deal for around €20m but, according to the Corriere dello Sport, the two clubs have to reach an agreement within the month.

Another loan deal could be in the making and the Croatian forward’s positive performances for Die Roten, contributing five goals and eight assists in 22 appearances, seemed to have secured him a permanent switch this summer.

But the coronavirus pandemic has changed the situation and Inter are not interested in taking back the the €4.6m a year salary and the 31-year-old’s contract expires in June 2022.

If Bayern are not willing to pay the €20m buy out clause, the newspaper claims Inter would be open to other solutions, like extending Perisic’s loan deal in Germany.



Senate approve Buhari’s N850bn loan request, PDP react. [NIGERIA]


The Peoples Democratic Party (PDP) has called on the National Assembly to ensure the prudent use of the N850 billion loan it approved for the Federal Government on Tuesday.

Recall that the Senate on Tuesday approved President Muhammadu Buhari’s request for N850 billion loan from the Capital Market to finance projects in the 2020 budget.

It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.

Reacting, the party in a statement issued by its National Publicity Secretary, Mr. Kola Ologbondiyan, in Abuja, also advised the presiding officers of the Senate to ensure prompt repayment of the loan.

Ologbondiyan expressed concerns over what he described as hasty approval of the N850 billion loan as requested by President Muhammadu Buhari.


He said that the party was concerned that in spite of the huge natural and human resources at the disposal of the country, the government was still accumulating loans, without repayment plans.

Ologbondiyan also expressed worry over the transparency and management of the country’s loans.

“The PDP, therefore, charges the Senate Presiding officers to note that in approving this loan, the nation holds them responsible to ensure strict oversight monitoring of the handling of the money.


“This is especially as it is being sourced from the capital market, which hosts investments by private individuals and firms.

“The Senate must ensure judicious use of the funds as well as prompt repayment.

“This is because our nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians,” he said.


Ologbondiyan advised the Federal Government to articulate innovative ways to create wealth and plug wastes, instead of resorting to borrowing.

He said what was expected of the government at a time such as this was to immediately cut on luxury.

The PDP spokesperson also advised the government to slash the number of presidential appointees, cut down huge allowances and maintain a lean budget that would centre on health, research and growth of the economy among other critical needs.


“The PDP, therefore, urges all stakeholders, particularly fiscal transparency groups, the Nigeria Corporate World and management of the capital market to protect Nigerians by closely monitoring the performance of the loan.

“This is to guarantee effective management and prompt repayment,” Ologbondiya added.



IMF approve Nigeria’s loan request.


The International Monetary Fund (IMF), on Tuesday, approved US$3.4 billion emergency financial assistance for Nigeria to fight coronavirus.

The Executive Board approved Nigeria’s request under the Rapid Financing Instrument (RFI).

The IMF explained that the near-term economic impact of COVID-19 is expected to be severe, while already high downside risks have increased.

It noted that even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels.

The world body added that the pandemic – along with the sharp fall in oil prices – has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs.


The IMF said it remains closely engaged with the Nigerian authorities and stands ready to provide policy advice and further support, as needed.

Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, in a statement said: “The COVID-19 outbreak – magnified by the sharp fall in international oil prices and reduced global demand for oil products – is severely impacting economic activity in Nigeria.

“These shocks have created large external and financing needs for 2020. Additional declines in oil prices and more protracted containment measures would seriously affect the real and financial sectors and strain the country’s financing.


“The authorities’ immediate actions to respond to the crisis are welcome. The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses. Steps taken toward a more unified and flexible exchange rate are also important and unification of the exchange rate should be expedited.

“Once the COVID-19 crisis passes, the focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending. Implementation of the reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term.”



Senate approve Buhari’s new loan request for this reason. [Nigeria]


The Nigerian senate, on Tuesday afternoon, approved a fresh N850 billion naira loan request made by President Muhammadu Buhari.

NobleReporters learnt that the senate gave accelerated approval to the request as its no longer news that the Nigerian economy has been taking huge hits as Oil prices plummetted worldwide amidst the Coronavirus pandemic.

President Buhari will now be able to request for a fresh loan of N850 billion from the domestic capital market, although the senate mandated its committees on finance, appropriation, Domestic and Foreign Debt and National Planning to liaise with the Minister of Finance, Zainab Ahmed to get more information on the loan request.

Investigations show that the loan is necessary in order to funds to finance projects in the 2020 budget. The approval was issued by the senate after Senate president, Ahmed Lawan read out a letter from the president to senators during plenary on Tuesday.


The legislative arm of government comprising of the senate and the house of representatives resumed today after being shut dor 36 days due to the Coronavirus Pandemic currently sweeping through the country.

NobleReporters sensed that senators had masks on and complied with the social distancing directive needed to prevent the spread of the virus.



Why will you spend $500m on NTA that doesn’t worth $50m? – Reno omokri blast FG.

…query Senate for approving Buhari’s $22.8b loan

Reno Omokri has once again queried the motive behind plans to invest $500m on the National Television Authority (NTA).

Recall that on Thursday, Reno queried the Senate over its approval of President Muhammadu Buhari’s request for $22.7b.

Reacting once again, the popular critic of the President queried why the same amount is budgeted for education and NTA.

He went on to query how $500m is being budgeted for an institution that is not worth $50m.

See His Tweet Below:

Of the $22.7 billion loan approved for General @MBuhari by the @NGRSenate, $500 million is for @NTANewsNow while education gets $500 million. How can you spend $500 million on NTA that isn’ worth $50 million, and only $500 million educating 110 million youths? #BuhariTormentor

— Reno Omokri (@renoomokri) March 6, 2020

#Newsworthy ..

Senate accept Buhari’s $22.8bn loan request for this reason…

The Senate on Thursday approved the $22.79bn loan request of the President, Major General Muhammadu Buhari (retd.).

The process of approval, was not however, without protests from the opposition senators led by the Minority Leader, Enyinnaya Abaribe.

The Chairman, Senate Committee on Local and Foreign Loans, Senator Clifford Ordia, laid the report and was about to read the executive summary when trouble started.

Senator Adamu Aliero asked the President of the Senate, Ahmad Lawan, to postpone deliberation on the document until next week to enable them study the report very well.

Lawan rejected the suggestion warning that the report may have become a public debate before next week because the press would definitely get copies and publish the contents.

The coast was then clear for Ordia to present the executive summary of his report but his conclusion generated another heated argument among senators.

The senators faulted the two-item recommendation proposed by the Ordia-led panel without furnishing them with details of the projects, the beneficiaries and the amount allocated to each of them.

Lawan, however, disagreed with them, stressing that by the Senate rules, the report should not be subjected to line by line consideration.

He said, “We are not doing second reading on this. We have recommendations which we will vote on but before we reach that stage, what is here is what is to finance our capital budget.

“It is important we are conscious that we need the capital aspect of the budget funding.”

But Abaribe faulted the position of the Senate President.

He said, “The position is that we would now approve some of this. It is when we get to the point of looking at each one of them that we will now determine which of these projects will help in growing our economy. Now that you have said we will take it line by line.”

But Lawan said, “Let me make this point very clear. This is a request and what I said is, this is to fund our capital budget. It means the capital budget is weighty.

“Until we pass it, there will be no implementation of the capital budget. So it is a choice.

“If we want, we pass, if don’t want, we don’t pass. We are going to make it tight spending this money.”

Not done with the issue, Abaribe said, “I just want to end with a very apt saying which I think the whole world knows, ‘who goes aborrowing, goes asorrowing’.

“We are going to pass a loan approval of $22.7bn and we, who are going to pay back that are making efforts to make sure this is clarified and Mr. President, you are not giving us the privilege to make our points known and come across. We don’t see anything that is so difficult for us.”

The situation became tensed afterwards and the Senate Leader, Yahaya Abdullahi, saved the day by calling for a closed session, a suggestion earlier made by Senator Gabriel Suswan but overruled by Lawan.

The Senators, however, approved the loan request when they emerged from the 45-minute closed session.

Details of the loan approved by the Senate

The funding agencies, according to the Senate panel are:

World Bank ($2,854,000,000), African Development Bank ($1,888,950,000), Islamic Development Bank ($110,000,000), Japan International Cooperation Agency ( $200,000,000 ), German Development Bank ($200,000,000), China-Exim Bank ( $17,065,496,773), and the French Development Agency ($480,000,000)

Some of the projects to be funded with the loans include the Nigeria Electricity Transmission and Access Project ($364,000,000) and Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, ($500,000).

It also included the Economic Reforms and Governance Project all (renamed Fiscal Governance Project ($200,000,000).

Others include development of the Mining Industry ($150,000,000), Education Sector Reform Programme (renamed Better Education Service Delivery for All (BESDA) ($500,000,000).


Bank Director faces 4-count loan granting offense with no withness

A criminal charge of reckless granting of loan without adequate security has been filed against the Managing Director of Mortgages PHB Ltd, Bayo Adewakun

In a four count amended charge number FhC/422C/2019 filed before a Federal High Court sitting in Lagos, Southwest Nigeria by senior state counsel from Department of Public Prosecution of the Federation, Midi Gladys Ezinwa-Ukoha, the accused bank manager was alleged to have granted N32,632,667.91 to a company B. Waks Consultant which is more than 20% of the shareholders fund unimpaired by losses without approval from the bank.

The court has adjourned for the arraignment of the accused bank manager.

The charges against him are:

That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen’ Street) Yaba near Alagomèji Bus Stop, between 29thApril, 2004 and 28 June 2019 while being the Managing Director of Mortgages PHB LTD at 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted credit facility in the Sum of N10,000,000 to B.Waks Consultants Ltd, Without Adequate Security, contrary to the accepted practice and you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) CAP F2, Laws bf the Federation of Nigeria 2004 and Punishable under Section 16(1 (a) of the same Act


That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, Lagos between 2 April, 2004 and 28 June 2019 while being the Managing Director of Mortgage P.HB. LTD at 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted a credit facility in the Sum of N5, 000,000.00 to B.Waks Consultants Ltd without adequate Security, contrary to the accepted practice; you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (a) of the same Act.

That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queens Street, Yaba, near Alagomeji Bus Stop, Lagos on or about February 2005 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street,Victoria Island, Lagos within the Jurisdiction of this Honourable Court, approved the grant of a credit facility in the sum of N17,632,667.91to B. Waks Consultants Ltd to partly finance the completion of a Housing Development at Victoria Garden City (VGC) for outright sale without adequate security, contrary to the accepted practice and you thereby committed an offence contrary to Section 20(7) Of the Failed Banks and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002 as Amended, and punishable under the same Act.

That you Bayo Adewakun M of B,Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, between 29 April, 2004 and 28 June 2019 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the, Jurisdiction of this Honourable Court, recklessly granted facility to B. Waks Consultants Ltd, which is more than Twenty Percent of the Shareholders Fund Unimpaired by losses without having approval from the Bank and you thereby committed an offence contrary to Section 20 (2) (a) of the Banks
and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002, and Punishable under Section 18(2) of the same Act.


Breaking – Obasanjo says Buhari will get Nigeria into bankrupt

…over its desire for loans.

…lack competence and consistency.

Former President Olusegun Obasanjo has warned of an impending bankruptcy under the Buhari-led administration over its penchant for loans.

Speaking at the first edition of the Nigerian Story organised by the ‘Why I Am Alive’ campaign in Lagos on Friday December 27, Obasanjo warned that things might get worse in the country as 50% of its foreign earnings is allegedly being used to service debts. He added that Nigeria is closer to the prevalent situation in the 70’s and 80’s which plunged it alongside other African countries into unserviceable debts.

Though the former President admitted that it might not be totally wrong to take loans to finance growth and development, he however stated that such decisions ought to come with a high degree of discipline, responsibility and foresight.

Pointing out some projects including the Lagos light rail project which seem to have been abandoned after loans were taken to execute them, Obasanjo stated that the Nigerian government is notoriously deficient in serious and adequate discipline and most often lack competence and consistency.

He said;

“As at 2015, total external debt was about $10.32billion. In four years, our external debt grew to N24,947 trillion or $81.274 billion. To service this current level of indebtedness, we must commit at least 50 per cent of our foreign earnings, such a situation tells about an impending bankruptcy because no entity can survive while devoting 50 per cent of its revenue to debt servicing.

“In 2018, total debt servicing cost took over 60 per cent of government revenue. As if this is not bad enough, we are currently seeking to add another $29.6 billion loan to our already overburdened debt portfolio.

Olusegun Obasanjo & Moh’d Buhari

“Our current budget, out of which we are spending 25 per cent to service debt is not our total earnings, a lot of it is also borrowing. We are borrowing to service what we have borrowed and yet we are borrowing more.”

This is coming after President Buhari submitted a loan request of $29.6bn to the National Assembly. A similar request had been rejected by the 8th Senate under Bukola Saraki.


FG’s $30b Loan demand needed for the nation’s development – Senate Committee

…such as Lagos-ibadan expressway

Chairman, Senate Committee on Finance, Sen Olamilekan Adeola on Thursday said the plan by the Federal Government to borrow about 30 billion dollars was a necessary step to catalyse development.

Adeola made the statement in Lagos while speaking with newsmen at the End-of the-Year-Party he organised for residents of his Lagos West Senatorial constituency.

He said concerns raised in some quarters about the loan were not necessary, as the facility was needed to promote the economy.

Adeola said that the loan was necessary to fund many ambitious on-going projects across the country, which would impact greatly on the economy and lives of Nigerians when completed.

”The 30 billion dollar loan the Federal Government is sourcing for is not one of those frivolous loans; this is a loan that is tied to projects.

”This loan is needed to fund landmark and ambitious projects such as the Lagos-Ibadan Expressway, the East West Road, the Second Niger Bridge, among others.

”We need a large chunk of money to get all these projects completed . So, it is only if government access this loan that we can give all these great projects the right direction.

”Again, the government needs this loan to execute those projects that would impact and transform the economy and put the country on the path of progress. So, the loan is necessary,” he said.

The senator said the country was faced with serious infrastructural deficit that would be substantially reduced with government accessing the loan.

He said the 9th National Assembly was working in tandem with the executive to deliver on all on-going projects across the country.

Adeola said the country’s economy was on the course of progress and it would even get better with the policies of the executive and the interventions of the National Assembly.

He said the return of the budget cycle to January to December would significantly promote the development of the country.

Senator Olamilekan Adeola

”The economy is moving in the right direction; the economy is blossoming. We in the ninth assembly just succeeded in returning the budget cycle to January to December, and with this, we have ensured all that needs to be done in a calendar year can be achieved.

”There is no more haphazard budget implementation; we now have a full year budget implementation which runs from January to December,” he said.