Influential economists, along with Nigeria Employers’ Consultative Association, NECA, and several opposition parties have taken to heavily criticizing President Buhari and the Senate over the government’s proposed N22.7 trillion extra-budgetary spending which had been approved by the upper legislative chamber on Wednesday, May 3.
NECA and the Lagos Chambers of Commerce and Industry have questioned the reason for the loan by an administration that was all too near its exit, while economists, in separate statements, have described the approval by the Senate as an unusual one.
With this recent approval by the Senate of the N22.7 trillion loan from the CBN, Nigeria’s external debt will rise to N68.95 trillion.
Meanwhile, the Federal Government had revealed that it would repay the loan with securities in place like treasury bills and bonds issuance.
