By Fatima Saka
The Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Magatakarda Wamakko, has commenced the formal review of multiple borrowing requests totaling over $670 billion and €389 billion, citing the urgent need to ensure legal compliance and economic sustainability.
This was revealed at the in-house session of the committee’s meeting in Abuja on Monday, Senator Wamakko emphasized that the process, which was delayed due to incomplete documentation and unavailable briefings from relevant development departments, is now set to proceed fully.
He disclosed that the committee had received three formal letters containing the debt requests, which are governed by critical legislation including the Debt Management Office Act of 2003, the Fiscal Responsibility Act (FRA) of 2007, and the Revenue Mobilisation, Allocation and Fiscal Commission Act.
“These are not just figures on paper,” Wamakko stated. “We are dealing with $221 million, $543 million, and a staggering $124.904 billion. In addition, there’s a €324.54 billion request, a €15 billion loan, and a €65 billion grant. This is about our economic future.”
He assured that the committee is committed to a fair, thorough, and law-abiding process that reflects the interests of Nigerians. He also stressed that all necessary questions would be addressed, and the loans assessed for their impact on national development and economic revival.
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“This isn’t just about numbers — it’s about the structure of the economy and meeting the developmental needs of Nigerians,” he said.
The committee is now set to sit intensively to conclude its report, which will determine whether or not the loan requests will be approved for executive implementation.
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