Senator Ndume faults National Assembly’s speedy approval of Buhari’s loan requests

By AdvocateNews on 17/09/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 513

Senator Ali Ndume
Senator Ali Ndume

THE Chairman of the Senate Committee on the Army, Senator Ali Ndume, has described as worrisome, the rate at which the regime of President Muhammadu Buhari has been borrowing foreign loans to fund budget deficits.

He also faulted the speed with which the federal parliament approves such loans whenever the requests were sent by the President.

Buhari  had in a letter to the two chambers of the National Assembly on Tuesday requested the approval of fresh external loans of $4.054bn and €710m ($839m) for his regime.

He also sought the  legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan.

Ndume at a news conference on Thursday, expressed dismay at the speed with which the nation’s Parliament has been  approving the loans.

He said, “Honestly, I’m not an expert in debt analysis. You have the debt management office there.

“However, the rate of our borrowing is increasing and is worrisome. But it is not the borrowing that is the problem as I always say, it is what you do with what you borrow.

“It is not wrong, for example, to borrow money from the bank with some reasonable interest to buy a car, especially when you have a family – wife and children to take to school, and you plan to repay gradually with your salary. It is fine, because you cannot afford the money to buy the car on your own.

“Borrowing in that situation, becomes a necessity. But, when you borrow and you cannot buy fuel, then you keep borrowing to buy fuel, and you give the car as collateral to collect fuel… I don’t support that…

“It is not the borrowing. And this request for loans that the President sent to the National Assembly is part of the approved external borrowing plan but as I said… I am just very careful.”

“You guys should look at what the borrowing is for in the first place. Is it necessary? Are the terms good? Borrowing is not a crime except when the rate of debt servicing increases. I understand it’s getting to 80, 90 per cent.. You have to be cautious. You have to look at alternatives.

“There are certain borrowings that are just absolutely necessary, there are some that are not necessary. There are some that can be delayed. There are some that the terms can be negotiated or renegotiated.”

Ndume however stressed the need to do a critical analysis to see whether it was necessary to take loans in the first instance.

He said, “Let us look at the implications and what the money is meant for.

“For example, we have infrastructural deficit in this country and what we hear when people come to Abuja or when allocations are made, you can’t tell what is done with it.

“Another thing I’m worried about is the way the Senate is handling it. The Senate, by definition, is House of deliberation.

“When things like this (loan request) comes, you don’t just say, because you want to be good, you approve it. No.

“You’re supposed to look at it critically. Cross the ‘Ts’, dot the ‘Is’, ask questions, carry the people you are representing along, ask if they agree. Not that we just sit down and just approve it.

“We thought it might be good but the way we do it make the people we represent look at us suspiciously.

“There are situations where the time is short and we need to act fast, then we’ll have to carry the people along. I feel pain when they say “you people again.”

“This is the last one, I won’t do it again. You call us rubber stamp and all that but if there are certain things they can wait, that we need to analyse and not rush.

“We rushed to approve certain borrowings. Up till now, we didn’t get the money. So why did we rush? These are the questions that comes to my head most of the time.”  

Posted 17/09/2021 05:27:34 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Makarfi declares presidential bid, battles Atiku for PDP...

Umahi confirms APC move, says defection was to...

2023: Governor Umahi's ambition suffers setback at home...

Why Soldiers reported commanding officer to Buhari

Secondus reacts to resignation of PDP national officers...

Anambra, Enugu, Kogi can’t be declared Oil Producing...

2019: Voting for Buhari will return power to...

Don’t play ‘tough guy’ with COVID-19, Biden warns...

N11tn stolen under Buhari’s watch – PDP

COVID-19: I didn’t dare govt, police over closure...

Kogi 2019: PDP campaign council demands CP’s removal...

I know politicians who have suddenly turned billionaires...

 

Latest News IDP commits suicide after being ‘raped by NGO official’ FG to establish 18 modular refineries in oil-producing states 1,400 Igbo’s killed by security agents under 14 months – Report Mum, student hire thugs to attack teachers in Ogun school Catholic Priest pays WAEC, NECO fees for 12 Indigent students in Anambra Breaking: Gunmen kill Enugu APC Youth Leader, one other, abduct another Nigerian appointed justice minister in Canada under probe, told to step aside Communal war claims 4 lives in Ebonyi, killers seize corpses Three in police net over murder of medical doctor, friend Sit-at-home enforcers warn Nnewi residents, environs Some kinsmen are threatening my life over false prophesy, Ex-Enugu Commissioner raises alarm BREAKING: Nnamdi Kanu floors Buhari govt in Abia court

 

Most Read Ugwuanyi commends FG’s siting of ICT University in Enugu (259,944 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (259,944 views) Sickle cell support group seeks government intervention (259,943 views) Ebonyi bans embalming of corpses in homes (259,943 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (259,943 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (259,943 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (259,941 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (259,941 views) ASUU strike: Senate intervention ends in deadlock (252,527 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (251,532 views) All you need to know about Peter Obi, PDP VP Candidate (193,859 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (192,132 views)

 

 

SECTIONS NEWS (7,807) FAITH (158) EDITORIAL (20) POLITICS (497) SOCIETY (133) SPORTS (61) BUSINESS (376) HEALTH (60) EDUCATION (51) ENTERTAINMENT (57) INTERNATIONAL (186) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (42)

 

 


There are no video entries posted yet.