They say when things go wrong in Business or Politics you should always
follow the Money!
Well its is official that the Federal Govt under the Leadership
of Dr Goodluck is now borrowing money to fund it 2010 Fiscal Expenditure
NIGERIA BE CAREFUL O, LEARN FROM GREECE AND BE CAREFUL!!!
See Story Below,
Source - http://odili.net/news/source/2010/apr/28/206.html
Senate Approves FG’s $915m World Bank Loan
From Sufuyan Ojeifo in Abuja, 04.28.2010
Wednesday, April 28, 2010
Senate yesterday approved the request by the Acting President, Dr. Goodluck Jonathan, to borrow $915 million (N138.165bn) from the World Bank.
Jonathan said that $179 million (N27.02bn) out of the total loan package would be utilized for the funding of the 2010 budget.
He had said in his letter to the National Assembly that the loan would be used to finance development in critical sectors of the economy.
Before approval was given, Chair of the Senate Committee on Public Accounts, Senator Ahmad Lawan (ANPP, Yobe North) demanded clarification on the expenditure plan for specific projects and communities that are expected to benefit from them.
Lawan said this would have bolstered a better appreciation of the projects instead of the wide scale listing of projects such as powers and rural development.
According to him, “In as much as I support the loan, I want to know what exactly are those projects that the money will be used for. I think it will also be proper for the government to tell us the communities that will benefit from the loan in the rural areas development scheme.”
Chair of the Senate Committee on Information and Media, Senator Ayogu Eze (PDP, Enugu North) said the loan would bolster development in the country.
According to him, “We found out that it was a worthwhile development to support our Acting President’s request to draw from the World Bank.
“The loan will support development of our energy sector, support opening of the rural areas, support the governors in providing infrastructure. We look back at it and consider it in order.”
Eze added, “We should be cautious about the loan; it should not be about borrowing but about the utilisation.
“The areas that have been outlined for this loan are critical, urban and water transport, human capacity development and power infrastructure development projects across the country.
“We should ensure that this loan is frugally managed so that we do not slip into where we are coming from.”
The House of Representatives had last week considered and approved the same request.