News just came in that the senate has blocked the $29.960 billion loan the President Muhammadu Buhari administration presented to it. A lot of Nigerians have been against the loan which they believe would mortgage the future of the nation. The opposition Peoples Democratic Party last week urged the National Assembly to reject the loan request. Similarly, lawyer and rights activist, Femi Falana, urged the lawmakers to reject Mr. Buhari’s request, saying it would mortgage future generations of Nigerians. Well, the lawmakers just did and this time Nigerians would be happy with them.
The loan in my opinion is simply the APC 2019 campaign loan. Pressured to do something, anything, at least fulfill some of their promises, with the dwindling revenue due to basically the fall in oil price globally, the APC government need to act and the only way to them at the helm of affairs is to get such huge loan to finance the economy.
In his letter last Tuesday, Mr. Buhari said the external loan, the biggest in Nigeria’s history, will fund targeted projects cutting across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation. Other sectors, he said, included poverty reduction through social safety net programmes and governance and financial management reforms, among others.
This is made up of proposed projects and programmes loan of $11.274 billion, special national infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.
Nigerians were not comfortable with Baba’s meagre loan from the beginning and the goodwill Buhari has enjoyed from the beginning of this government has waned off very fast to disenchantment. . There was time when the senate was afraid of the overwhelming support Buhari. Not today. It is quite a different story now.
Baba Buhari would have to look for another place to get money to finance the economy in a recession. All Nigerians are waiting for the change he promised and if nothing happens much till this time next year, the shifting of blame to the Goodluck Jonathan administration would not help President Buhari.
President Buhari would simply be risking his 2019 chances if he did not look for another way to get Nigeria out of the recession that hits the masses directly. You would ask why are we talking about 2019 so early? In fact Mrs. Buhari has mentioned in her controversial interview with the BBC that she would not campaign for the APC in 2019 and it simply tells me that Buhari is still interested in coming back in 2019.
Without the $30 billion loan, how will this administration that hasn’t shown any sign of creativity change anything?