President Muhammadu Buhari sought for legislative approval for external loans during the eighth Senate but was turned down. Amongst them was US$29.96billion loan which, according to the object, was to fund critical infrastructure in the country. The Senate bawled that loans cannot be an option at all.
Superficially, the Senate was right in a part on account of daily mega inflows to the economy. Inarguably, the country is sufficiently rich to be self-reliant for most capital projects, all things being equal.
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