According to Abubakar Yunusa Ahmad, a member of the House of Representatives Committee on Loans, Aids, and Debt Management, federal lawmakers have given their approval to President Muhammadu Buhari’s request for a $800 million loan.
Ahmad shared this information during a live interview on Channels Television’s Sunrise Daily.
However, Ahmad expressed his belief that the current loan would not be utilized by the current administration.
He suggested that the incoming government might adopt a different approach to utilize the funds. Ahmad stated, “The $800 million—there were extensive discussions within the loan committee, and we advised them.
‘First, leave this matter to the incoming government.’ But since the loan has been granted, we can accept it. If we cannot utilize it, perhaps the incoming government will have a different strategy.”
He also hinted at a potential change in the government’s approach, as there were rumors circulating on social media about the incoming government’s intentions not to retain any of President Buhari’s ministers, citing underperformance.
Ahmad clarified that although the loan has been approved, it will not be utilized by the current administration. The utilization of the loan will depend on the incoming government and their plans.
Recall President Buhari had previously written to the Senate seeking permission to secure an $800 million loan from the World Bank, aimed at mitigating the impact of subsidy removal.
The loan is part of the government’s subsidy palliative measures, which aims to assist 50 million vulnerable Nigerians or 10 million households.