Senate plans public hearing on Buhari’s $29bn loan request

The Senate has said it will seek the opinion of stakeholders on the foreign loan borrowing plans of President Muhammadu Buhari

The 8th National Assembly had rejected the President’s proposed borrowing of $29.96bn because the proposal was not accompanied by expenditure details.

Buhari presented the request again to the 9th National Assembly for its consideration and approval in November 2019.

The President of the Senate, Ahmed Lawan, had assured Buhari that his request would be granted, even when the legislative protocol had not been carried out on it.

Lawan’s position did not go down well with members of the Senate Committee on Local and Foreign Loans, who had been asked to scrutinise the documents and advise the Senate on the next step to take.

Feelers from some members, who last year had spoken on condition of anonymity, showed that they were no longer interested in the approval process.

Some of those who spoke with our correspondent cited Lawan’s statement at a news conference last year that the Senate would approve the bill.

Further findings indicated that the committee, which has Senator Clifford Ordia as chairman and Senator Bima Enagi as vice-chairman, may not hold a public hearing on the loan request.

A member of the panel, who spoke with our correspondent on condition of anonymity, had said there was an instruction from the Senate leadership not to hold a public hearing.

But the Chairman, Senate Committee on Finance, Senator Solomon Adeola, in an interview on Saturday in Abuja, said the red chamber would hold a public hearing on Buhari’s request.

Adeola, however, stated that the Senator Bukola Saraki-led 8th Senate had approved part of the loan request for Buhari’s regime.

He said, “The Federal Government is not asking the National Assembly to approve the sum of $29.96bn loan. This is because in the last Senate, about $6bn had been approved for President Muhammadu Buhari to borrow out of the $29.96bn.