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Senator Shehu Sani has expressed surprise at the speed in which the 10th National Assembly approved a recent loan request from President Bola Tinubu.
Reacting to the swift approval of President Tinubu $2.2 billion loan request, the former lawmaker in a post shared via his X handle on Saturday outlined the legislative process for approving loans.
The former lawmaker emphasized the numerous steps involved, and questioned how the entire procedure could be completed in just 48 hours.
He, however, noted that the process begins with the President’s letter of request being read in the Senate and House chambers by the Senate President and the Speaker.
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The letter is then referred to the Committee on Local and Foreign Debt, which: sets a date for deliberation, summons key stakeholders, including the Minister of Finance, Director-General of the Budget Office, DG of the Debt Management Office, and heads of relevant agencies.
Inclusively, the committee debates the loan request and submits a report to the chambers.
The report is subsequently debated in both the Senate and House of Representatives, where lawmakers decide whether to approve or reject the loan.
Sani expressed disbelief over how this complex process was completed in just 48 hours, contrasting it with the slower pace of the 8th National Assembly.
He remarked, “I salute the 10th NASS for being faster than the 8th NASS.”
The former senator’s comments reflect concerns about transparency and due diligence in the approval of loans, particularly given the country’s rising debt profile.
Shehu Sani, known for his outspoken views, has frequently called for greater legislative oversight in the country’s governance processes.
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