National Telescope national telescope newspaper
A civil society organization, Socio-Economic Rights and Accountability Project (SERAP) has asked the National Assembly not to approve President Muhammadu Buhari’s request to borrow $800bn equivalent to over N360 billion as a new loan from the World Bank.
Buhari wrote to the Senate on Wednesday, requesting that it accept a new loan request of $800 million.
This is against the backdrop of the huge debt that the Buhari administration has incurred in the last eight years.
Recall that in January, Nigeria’s Debt Management Office (DMO) said that the next administration will inherit a public debt of N77 trillion if the N23 trillion loans from the Central Bank of Nigeria (CBN) are securitised.
Concerned about the development, SERAP in a statement on its Twitter handle told the National Assembly to ask the Buhari’s administration to publish details of spending of all loans.
It said, “We urge the Senate President Dr Ahmad Lawan and all senators to immediately reject the request by President Buhari to borrow $800 million from the World Bank. The Senate must ask the administration to publish details of spending of all loans obtained since May 29, 2015.”
