$22.5bn loan to prevent recession – Bamidele

The Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Opeyemi Bamidele, has said that the approval given by the Senate to the President, Major General Muhammadu Buhari (retd.), to borrow $22.5bn was to save the country from sliding into another recession.

Opeyemi said, “The step we took was to avert economic recession. To prevent such, government would have to build infrastructure like roads, rail lines, create wealth, provide employments and carry out other social services to help the people.”

The senator, who spoke at Iyin Ekiti in the Irepodun/Ifelodun Local Government Area of Ekiti State on Monday during a programme organised by the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, to mark his appointment as minister. He said Nigerians should see the loan as “a welcome development and a way to keep our economy soaring.”

The National Assembly member from Ekiti State said, “The legislative and the executive arms are working towards the same goal. It is for the development of our nation. The planners of economy knew that our budget must be well funded because we have to keep spending on infrastructure to avert recession.

“The 2020 budget estimate of the Federal Government is high and the government must ensure that it is made implementable through proper funding and the loan will help in making the funds available.

“It is important that we set a template for proper funding of the budget. But we are assuring Nigerians that the Senate won’t allow corruption under any guise. We are going to put proper legislation in place to stop pilfering of our money.

In a democracy, criticism is normal, but our people should be more concerned about ensuring that the loan is well appropriated for the projects that will create wealth and lift our economy. I am sure that President Buhari won’t fail in this aspect,” Bamidele stated.

The senator, who praised Adeniyi for his quest for development and the uplift of the populace, appealed to him to focus attention on the growth of small and medium scale enterprises in Ekiti State and as well use his position and tentacles to bring dividends of democracy to the state.

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