The ninth Senate has approved $16,230,077,718 and €1,020,000,000 loans requested by Nigeria’s President, Muhammadu Buhari without knowledge of the terms and conditions attached to the loans.
The upper legislative chamber also approved grant components of $125million.
The president had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.
The request was made some months ago in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.
In July, the legislators approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
But in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”
The president said the loans, when obtained, will stimulate the economy and create jobs.
Human rights’ activist, Omoyele Sowore, in October accused President Muhammadu Buhari of using Nigeria as a loan collateral for his medical treatment bills.
According to Sowore, loans taken by Buhari were used for his medical trips and not on roads.