The Committee on Local and Foreign Debts assigned to review the 2016 – 2018 External Borrowing Plan request sent by President Muhammadu Buhari is expected to present their reports in two weeks.
The President’s request was forwarded to the Committee for further legislative work following its presentation by the Senate Leader, Yahaya Abdullahi, during plenary.
The Committee has Senator Clifford Ordia (PDP, Edo Central) as Chairman and Senator Bima Mohammed Enagi (APC, Niger South) as Vice Chairman.
President Buhari had in a letter dated November 26, 2019, said the Eighth National Assembly approved only a part of the External Borrowing request forwarded to it in September 2016.
This, according to him, stalled the Federal Government’s implementation of critical projects spanning across the mining, power, health, agricultural, water, and educational sectors.
President of the Senate, Ahmad Lawan had said that the Senate would approve President Muhammadu Buhari’s request to borrow $29.96 billion.
There is growing apprehension among Nigerians that such huge borrowings are tantamount to mortgaging the future of young Nigerians who will bear the brunt of the debt trap.
