Sources in the Senate committee on local and foreign loans have said that it is unlikely to hold a public hearing before it approves the $29bn borrowing request sent to it by President Muhammadu Buhari, a report by PUNCH said. 

Another source said not all of the loan will be funded in any case but governors of states where monies will be used needed to be carried along.

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“Holding a public hearing on the issue would be counterproductive because the stakeholders would come and kick against the loan.

“We want to avoid a situation whereby the press would go to town with reports that Nigerians have rejected the loan request and the National Assembly would pass it the following day. 

“As for me and a few of my colleagues that I have spoken with, we are not really sure of our active participation in the committee’s activities over the loan because it would end up as a mere academic exercise,” one source said. 

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Speaking on the need to carry leaders of the state where the funds will be used along, the second source said, “You know we have the details of the projects that the money would be spent on. They are scattered across the country.

“There is a need for us to travel to the states and discuss with the governors. We may also need to involve the states’ legislature in the oversight functions.

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“President of the Senate has said the parliament was more concerned with the utilisation of the money. 

“So, we have to carry state government officials along.” 

Buhari’ hopes to execute 39 projects across the federation with the funds. 

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SaharaReporters, New York

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