$29.9bn loan’ll rescue Nigeria from recession — Gbajabiamila

The Majority Leader of the House of Representatives, Femi Gbajabiamila, has applauded President Muhammadu Buhari’s external borrowing plan of $29.9bn for the execution of projects from 2016 to 2018, in the interest of Nigerians.


Gbajabiamila noted that borrowing to finance infrastructural projects will pull Nigeria out of recession.

According to a statement issued on Saturday by his media aide, Olanrewaju Smart, Gbajabiamila said this during a grassroots empowerment programme in Lagos where he donated equipment to his constituents.

According to him, the House is looking into possible means of funding the projects in the 2016 budget, especially the borrowing plan of the Federal Government.

He also said the House was working hard to ensure that saboteurs did not hijack the anti-corruption drive of President Buhari.

Gbajabiamila noted that although some persons had condemned the Federal Government for blaming the economic recession on the past government, reference must be made to the source of the problem.

Gbajabiamiala said, “Borrowing to finance infrastructural projects is not an irresponsible act; Lagos State did the same and the development witnessed in the state is obvious.

“The House of Representatives will respond to Mr. President’s requests in the interest of Nigerians and quickly set the process in motion for its committees to carry out appropriate oversight functions on all project executing agencies until the 2016 budget is fully implemented according to law.”