Friday, 22 September 2017

Foreign loans: Senate moves against ‘reckless spending’ state govts

The Senate, on Thursday, set machinery in motion for ensuring proper utilisation of the loans collected by respective state governors. The upper chamber’s move was sequel to the series of complaints from Nigerians across the 36 states of the federation on non utilisation of foreign loans collected by their respective state governments for projects execution with  attendant rising debt profile.

The Senate specifically met officials of the World Bank in Nigeria to map out strategies of ensuring proper utilisation of loans collected by the state governments.

Addressing newsmen after the meeting, Senate leader, Ahmed Lawan, said the move by the Senate was  in line with the need for fiscal discipline in public spending, especially on monies borrowed by the affected state governments in form of loans to facilitate development and prevent backwardness and  burdensome debts in the states.

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