x

$30bn loan request: Sen. Adeola says money necessary for development

Chairman, Senate Committee on Finance, Sen Olamilekan Adeola on Thursday said the plan by the Federal Government to borrow about 30 billion dollars was a necessary step to catalyse development.

Adeola made the statement in Lagos while speaking with newsmen at the End-of the-Year-Party he organised for residents of his Lagos West Senatorial constituency.

He said concerns raised in some quarters about the loan were not necessary, as the facility was needed to promote the economy.

Adeola said that the loan was necessary to fund many ambitious on-going projects across the country, which would impact greatly on the economy and lives of Nigerians when completed.

”’The 30 billion dollar loan the Federal Government is sourcing for is not one of those frivolous loans; this is a loan that is tied to projects.

”This loan is needed to fund landmark and ambitious projects such as the Lagos-Ibadan Expressway, the East West Road, the Second Niger Bridge, among others.

”We need a large chunk of money to get all these projects completed . So, it is only if government access this loan that we can give all these great projects the right direction.

”Again, the government needs this loan to execute those projects that would impact and transform the economy and put the country on the path of progress. So, the loan is necessary,” he said.

The senator said the country was faced with serious infrastructural deficit that would be substantially reduced with government accessing the loan.

He said the 9th National Assembly was working in tandem with the executive to deliver on all on-going projects across the country .

Adeola said the country’s economy was on the course of progress and it would even get better with the policies of the executive and the interventions of the National Assembly.

He said the return of the budget cycle to January to December would significantly promote the development of the country.

”The economy is moving in the right direction; the economy is blossoming.

”We in the ninth assembly just succeeded in returning the budget cycle to January to December, and with this, we have ensured all that needs to be done in a calendar year can be achieved.

”There is no more haphazard budget implementation; we now have a full year budget implementation which runs from January to December,” he said.

He said the National Assembly had amended the Public Procurement Act to increase the mobilisation for contracts from 15 per cent to 30 per cent.

Adeola explained that the aim of the amendment was to ensure that contractors were well mobilised to address the problem of abandoned projects .

The Senator said that the Finance Bill, recently passed into law, was to address all the issues with taxation with a view to promoting development.

He said the Senate Committee, headed by him, would continue to discharge its duties in line with the progress of the country.

Adeola said the belief in some quarters that the 9th National Assembly was a rubber stamp to the executive was unfair.

He said the legislature would always act independently of the executive.

Adeola said that the legislature was collaborating with the executive for progress and it should not be misnterpreted that the National Assembly was a rubber stamp. (NAN)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Verydarkman Reacts After Mercy Chinwo Follows Him on Instagram, Calls Her Out Over Past Dispute

Controversial social media activist, Verydarkman, has publicly criticized gospel...

BREAKING: Keyamo Inaugurates Ganduje as FAAN Board Chairman

Minister of Aviation and Aerospace Development, Festus Keyamo, has...

NIN Enrolment Hits 121 Million in Mid-2025 as NIMC Targets 95% National Coverage by Year-End

The National Identity Management Commission (NIMC) has recorded a...

NCSP DG Visits Ajaokuta Steel Company Ahead of Investors/Technical Partners’ Visit

As part of renewed efforts to revitalise Nigeria’s industrial...

NECO Opens 2025 SSCE External Registration, Sets September 18 Deadline

The National Examinations Council (NECO) has commenced registration for...

FCT Striking Primary Teachers, Insist “No Payment, No Work”

By Joyce Remi-Babayeju Striking primary school teachers in in the...

NCPC South South Zonal staff celebrate , Chief Weli Wosu

By Joyce Remi-Babayeju The staff of the Nigerian Christian Pilgrim...
spot_img

Related Articles

Popular Categories

spot_imgspot_img