Buhari’s $800M Loan Request: Afe Babalola Talk Tough, Warns NASS To Decline Approval


By Demola Atobaba, Ado-Ekiti

Legal luminary, educationist and founder of Afe Babalola University Ado-Ekiti (ABUAD), Aare Afe Bamofin Babalola (SAN), has faulted President Muhammadu Buhari’s request, seeking National Assembly’s approval for a fresh $800 million loan to finance the National Social Safety Network Programme (NSSNP).


The request was contained in a letter read by the President of the Senate, Ahmad Lawan, to lawmakers on the floor of the Senate.

Buhari wrote: “Please note that the Federal Executive Council approved an additional loan facility to the tune of USD800 million to be secured from the World Bank, for the National Social Safety Net Programme and the need to request for your consideration and approval to ensure early implementation.

“The Senate may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.”

Speaking at the Aare Afe Babalola 12th Annual Public Lecture organized by the Nigerian Bar Association (NBA), Ado-Ekiti branch held at the ABUAD campus, Babalola expressed disbelief that President Buhari could be seeking a fresh loan in a country with “undeclared bankruptcy”.

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