National Assembly: We’ve approved Buhari’s request for a $800 million loan -Ahmad

The politician countered, however, by saying that the Buhari administration will not use the loan.

Abubakar Yunusa Ahmad, a representative of the House of Representatives Committee on Loans, Aids, and Debt Management, claims that the federal government has granted President Muhammadu Buhari’s request for a loan of $800 million.

The legislator contended, however, that the loan would not be used by the Buhari administration and that the new administration will use the credit in accordance with its own policies.

“The $800 million — there were so many talks that we did, especially we in the loan committee and we advised them: ‘First, leave this thing to the incoming government,’” Ahmad, who was a guest on Channels Television’s Sunrise Daily on Friday, stated.

We can now collect, though, because the loan was approved. In the event that we are unable to use it, perhaps the new administration will address problems differently from the one we currently have, if at all.

“Thank God, I won’t say it out loud, but it was on social media that they likely meant not to utilize any of Buhari’s ministers because they have already assumed that they have underperformed.

The problem is that, despite the fact that we have approved the loan and provided it to Nigerians, this next administration will not use it. We’ll also see their own template if the new administration takes office now.

In a prior letter to the Senate, Buhari had requested authorization to apply for a $800 million loan from the World Bank to help mitigate the effects of the loss of subsidies.

As part of its subsidized palliatives measures, the Federal Government had previously announced in April that it will receive a $800 million grant from the World Bank to assist 10 million households or 50 million poor Nigerians.

However, the request was rejected in certain places, particularly among civil society organizations.

The Civil Society Legislative Advocacy Center (CISLAC) bemoaned the Buhari administration’s “nonchalant attitude” regarding the grave debt situation in the nation in a statement earlier this week.

Additionally, the Socio-Economic Rights and Accountability Project (SERAP) has urged World Bank President Mr. David Malpass to use his “good offices to suspend any disbursement of the $800 million loan to the Federal Government and to request the incoming administration to provide satisfactory explanations for the loan.”

Since President Muhammadu Buhari’s tenure in office ends in May 2023, SERAP encouraged Mr. Malpass and the World Bank to “reopen discussion on the reportedly approved $800 million loan with the incoming administration to clarify the details on the rationale and use of the loan.”