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President Olusegun Obasanjo has approved a loan of $45 million (N6.2 billion) for Ghana and Sao Tome and Principe to assist the two countries. Information on the loan was conveyed vide a letter to Senate President, Chief Adolphus Wabara, which was read on the Senate floor yesterday. The announcement drew spontaneous mutterings from the opposition side in the Senate chambers. However, the misgivings about the loan package were drowned by the dominant PDP majority aided by the Senate president. A move by Senator Mohammed Anka, Senate minority whip, to question the loan was dismissed by Senator Wabara who asked him if he wanted his own personal loan. N5.52 billion ($40 million) of the loan package is to help Ghana complete its part of financing of the West African Gas project, while N690 million ($5 million) is to enable Sao Tome and Principe meet emergency needs of the little island nation. The loan package was hailed by some Senators including Senators Inatimi Spiff (PDP, Bayelsa), Isa Mohammed (PDP, Niger) and Farouk Bello (ANPP, Kebbi). While observing that the procedure for the granting... (Vanguard) ![]() |
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