Chairman, Senate Committee on Finance, Olamilekan Adeola, has said that President Muhammadu Buhari needs the $30bn loan for capital projects.
He said this while speaking with journalists in Lagos.
He said, "The $30bn 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.”
He said concerns raised in some quarters about the loan were not necessary, as the facility was needed to promote the economy.
He said the return of the budget cycle to January to December would significantly promote the development of the country.