MICHAEL AKINOLA
The Senator representing Lagos West Senatorial District and Chairman, Senate Committee on Finance, Senator Solomon Olamilekan Adeola, on Thursday said the plan by the Federal Government to borrow 30 billion dollars was a necessary step to catalyse development.
Senator Adeola made the statement in Lagos while speaking with newsmen at the End-of the-Year-Party he organised for residents of his Lagos West Senatorial District.
He said concerns raised in some quarters about the loan were not necessary as the facility was needed to promote the economy.
Senator Adeola added that the loan was necessary to fund many ambitious on-going projects across the country which would impact greatly on the economy and lives of Nigerians when completed.
“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 large chunk of money to get all these projects completed. So, it is only if government accesses 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” Senator Adeola said.
The Senator said the country was faced with serious infrastructural deficit that would be substantially reduced with government accessing the loan.
He said the 9th National Assembly is working in tandem with the executive to deliver on all on-going projects across the country.
Senator Adeola said the country’s economy was on the course of progress and that it would even get better with the policies of the executive and the interventions of the National Assembly.
He said the return of the budget cycle to January to December would significantly promote the development of the country.
”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” he said.
The distinguished lawmaker said the National Assembly has amended the Public Procurement Act to increase the mobilisation for contracts from 15 per cent to 30 per cent.
Senator Adeola explained that the aim of the amendment was to ensure that contractors were well mobilised to address the problem of abandoned projects.
The Senator also said the Finance Bill recently passed into law was to address all the issues with taxation with a view to promoting development. He said the Senate Committee, headed by him, would continue to discharge its duties see to the progress of the country.
Senator Adeola said the border closure was a necessary step to address smuggling, hence the economic interests of the country. He urged Nigerians to show understanding on the closure, saying it was a temporary measure to set things right in the economy .
He said the belief in some quarters that the 9th National Assembly was a rubber stamp to the executive was unfair, saying the legislature would always act independently of the executive.
He however, said that the legislature was collaborating with the executive for progress should not be misinterpreted that the National Assembly was a rubber stamp.
The Senator said he organised the End-of the-Year Party to appreciate his constituents for their support for him and all they had achieved together. He appealed for more support to deliver more democratic dividends in the Senatorial District.