What is Buhari using the loans for? – Reno Omokri reacts to Buhari’s $4b loan request

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Reno Omokri, a former presidential spokesman, has responded to President Muhammadu Buhari’s fresh borrowing request to the Senate.

The President contacted the Nigerian Senate today, seeking clearance for $4 billion and €710 million in external loans, according to reports.

The planned loan, he said, will be financed by sovereign loans from the World Bank, the French Development Agency, the EXIM Bank, and the International Fund for Agricultural Development, and will allow the Federal Government to fund important infrastructure projects in several sectors.

Reno Omokri reacted to this by saying that it comes at a time when the Naira is trading at N550 to the dollar.

The former presidential adviser, who also inquired about Buhari’s usage of the loans, responded that they are used to finance “useless stuff.”