Senator Ali Ndume, a federal legislator, reportedly objected to the proposed loan distribution formula, for president Muhammadu Buhari, $800 million loan from the federal lawmakers, in an interview with Arise News.
Senator Ali Ndume stated, if you borrow $800 million, and convert it at the official rates, which is N450, you will have almost N360 billion. Senator Ali Ndume continued, If you divide it for 50 million people, you get the total of just N7,200, one cannot even buy a sack of rice when they return home. We will be stuck, paying for it, for years by the time they disburse the money.
However, he continued, if the government is astute enough to see that, we should borrow this money, divide it by the 774 local governments, then each one will have at least N465,160,000. The impact will be felt, if you use that to purchase fertilizer for farmers, and construct classrooms and primary health care facilities. The money will just be wasted again, with this, Even with that, you just have two weeks left, and will have spent $800 million. I strongly opposed it
According to him, the government ought to have considered allocating the funds to local governments so they could use them to construct schools, primary health care facilities, and farm fertilizer.
Recall that, president Muhammadu Buhari had previously written to the senate to request permission to take out a $800 million loan to mitigate the effects of subsidy removal.
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