Anietie Udobit, Abuja
Sen Olamilekan Adeola, Chairman Senate Committee on Finance,
on Thursday, has said that the approval of request by Buhari’s government to
borrow about 30 billion dollars was a necessary step to catalyse development.
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Adeola , who spoke to Journalists in said “The 30 billion
dollar loan the Federal Government is sourcing for is not one of those
frivolous loans; this is a loan that is tied to projects”.
“This loan is needed to fund landmark and ambitious projects
such as the Lagos-Ibadan Expressway, the East West Road, the Second Niger
Bridge, among others.
“We need a large chunk of money to get all these projects completed.
So, it is only if government access this loan that we can give all these great
projects the right direction.
“Again, the government needs this loan to execute those
projects that would impact and transform the economy and put the country on the
path of progress. So, the loan is necessary,” he said.
The senator said the country was faced with serious
infrastructural deficit that would be substantially reduced with government
accessing the loan.
He said the return of the budget cycle to January to
December would significantly promote the development of the country.
“The economy is moving in the right direction; the economy is
blossoming.
“We in the ninth assembly just succeeded in returning the
budget cycle to January to December, and with this, we have ensured all that
needs to be done in a calendar year can be achieved.
“There is no more haphazard budget implementation; we now
have a full year budget implementation which runs from January to December,” he
said.