Lawmakers elected on the platform of the African Democratic Congress (ADC) have faulted President Bola Tinubu’s request for a $516.3 million loan, demanding thorough scrutiny before approval.
The ADC legislators said the National Assembly must carefully examine the purpose, terms, and repayment plan of the proposed loan to ensure transparency and accountability. They raised concerns about Nigeria’s rising debt profile and questioned the need for fresh borrowing amid ongoing economic reforms.
According to the lawmakers, approving new loans without clear details on utilization could worsen the country’s fiscal challenges. They urged relevant committees to invite government officials to provide a breakdown of how the funds will be used and what impact is expected.
The $516.3 million loan request was submitted to the National Assembly by President Tinubu for legislative approval. The Presidency has said the facility is tied to critical development projects, but has yet to release full details.
The ADC caucus insisted that all loan requests must align with national interest and deliver measurable benefits to Nigerians.
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