Senate Analyses President Buhari’s Borrowing Plan
The Senate has analyzed the various issues contained in President Muhammadu Buhari’s letter in which he had requested to borrow $29.960 billion for different projects.
The senate took a deep look at the Consumer Protection Bill, Hydro-electric Power Bill, and Prison Bill among others.
This took place on Wednesday at a plenary session in which the Deputy Senate President, Ike Ekweremadu, read out the letter sent by President Buhari, requesting approval of the Federal Government’s 2016-2018 borrowing plan.
This according to the letter, is to cover all sectors which include agriculture, health, water, employment creation, poverty eradication among others, across the country.
“Considering the huge infrastructural deficit currently being experienced in the country and the enormous financial resources required to fill the gap in the face of dwindling resources and the inability of our annual budget to bridge the infrastructure deficit, it has become necessary to resort to prudent external borrowing to bridge the financial gap which will largely be applied to key infrastructure projects namely power, railway and road project amongst others,” the letter read.
As the various bills were being considered, Senator Gbenga Ashafa in support of the Prison Bill said that he is particular about the improvement and attitudinal change of inmates.
While Senator Utazi Chukwuka explained the deplorable state of Enugu Prisons, Senator Musa Kwankwaso also affirmed that modern prisons should be built to accommodate prisoners, identifying that there are so many challenges with the operators too.
Mr. Ekweremadu expressed appreciation to the sponsors of the Prison Bill adding that it would help improve conditions of prisoners in Nigeria.
The sitting was adjourned to Thursday 27th October, 2016 when further deliberations into the President’s letter will continue.
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