CNPP demands probe of projects funded with external loans

The Conference of Nigerian Political Parties (CNPP) has urged the Federal Government to open investigation on projects funded by the external loans, alleging corruption in the nation’s external borrowing.

According to a statement signed by CNPP Secretary General, Chief Willy Ezugwu, cabals in the corridors of power allegedly collude with some National Assembly members to siphon the country’s commonwealth through external borrowings under the guise of financing infrastructural projects in the country.

The group raised the alarm in its reaction to the Senate’s Wednesday approval, for President Muhammadu Buhari, of fresh $16 billion and €1 billion external borrowings, as well as a grant component of $125 million.