The Approved $22.5bn Foreign Loan For Buhari Will Make Our Economy Soar – Opeyemi Bamidele

The Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Mr. Opeyemi Bamidele has come out to defend the recent loan approval of $22.5bn granted to the Muhammadu Buhari government.

Opeyemi, speaking at his Iyin Ekiti country home, said the approval was not given because of political patronage as being misconstrued, but it is meant to save Nigeria’s economy from falling into recession.

According to him, the N10.8 trillion 2020 budgetary provision by the Buhari-led administration was designed in a way that would prevent recession of any kind.

He added that the main issue should be if there are plans in place to ensure proper spending of the loan for our economy to soar.

His words, “The step we took was to avert economic recession because to prevent such, government would have to build infrastructure such as roads, rail lines, create wealth ,provide employment and carry out other social services to help the people.

“The legislative and the executive arms are working toward the same goal. It is for the development of our nation.

”The planners of the economy knew that our budget must be well funded because we have to keep spending on infrastructure to avert recession.

“The 2020 budget estimate of the Federal Government was high and the government must ensure that it is made implementable through proper funding and the loan will help in making the funds available.

“The question the people should ask is what are the plans in place for proper spending of the loan? Our people should see it as a welcome development and way to keep our economy soaring.

“It is important that we set a template for proper funding of the budget. But we are assuring Nigerians that the senate won’t allow corruption under any guise. We are going to put proper legislation in place to stop pilfering of our money.

“In a democracy, criticisms are normal, but our people should be more concerned about ensuring that the loan is well appropriated for the projects that will create wealth and lift our economy up and I have no doubt that President Buhari won’t fail in this aspect.”