Opeyemi Bamidele, the chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, has defended the loan approval granted by the Red Chamber to President Muhammadu Buhari.
Bamidele said the approval given to Buhari to borrow the sum of $22.7 billion foreign loans, was not done to prevent the country’s economy from sliding into recession.
Bamidele spoke in Iyin Ekiti on Monday, March 9, 2020, during a program organized for the Minister of Industry, Trade and Investment and former Ekiti State Governor, Niyi Adebayo, to celebrate his appointment as a member of the Federal Executive Council.
Bamidele said the N10.59 trillion 2020 budgetary provision by the Buhari-led government was fashioned in a way to accommodate tendencies that would avert the reoccurrence of the recession that could damage the economy of the country.
“The step we took was to avert an economic recession because to prevent such, government would have to build infrastructures like 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 towards 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 a 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 the 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,” Bamidele stated.
