Chairman, Senate Committee on Finance, Sen Olamilekan AdeolSen Olamilekan Adeola has come out to say that the plan by the Federal Government to borrow about 30 billion dollars is important for development to happen.
Sen Olamilekan revealed this as he spoke with newsmen at the End-of the-Year-Party he organized for residents of his Lagos West Senatorial constituency.
According to him, the negative reactions that have trailed the loan are not needed since the facility is required to aid the economy.
He added that our economy is presently heading in the right direction.
His words, ”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.”
”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.”
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