Ali Ndume, senator representing Borno South, has expressed worry over how the senate rushes to approve loan requests by the executive.
On Thursday, the upper chamber approved $4 billion and €710 million external loans requested by President Muhammadu Buhari.
Ndume, who is chairman, Senate Committee on Army, admitted that it is not wrong to borrow.
He, however, noted that some of the funds are not accounted for.
He advised that terms of some loans can be renegotiated or delayed if not urgent.
The lawmaker said Nigerians refer to the ninth assembly as “rubber stamp” because they are not carried along.
“What is the borrowing for and what are the terms?” he asked.
“Borrowing is not a crime but when the rate of debt services increases which I understand is getting to 80 per cent to 90 per cent, you have to be cautious, you have to look for an alternative. There are some loans that are not just absolutely necessary, there are some that can be delayed there are some that can be negotiated or you renegotiate the terms.
“I think this is what the media should analyse and see whether it is necessary.
“Let us look at the implication, what the money is to be used for. We have infrastructural deficits in this country and all we hear is that when people come to Abuja and allocation is made you don’t see anything happening. For me, is better to borrow that money and do the road instead of giving it out for people to collect it and go and spend it without accountability.
“What I am worried about again is the way the Senate is handling it. The Senate by definition is the house of deliberations when things like this come, we don’t just rush and say because you are to be seen to be good you just rush and approve it.
“You are supposed to look at it critically, cross the “Ts,” dot the “Is,” ask questions, carry the people you are representing along.
“But the way we do it, makes the people we represent look at us with suspicion. There is some situation where the time is short you have to act fast but you must carry Nigerians along.
“They call us rubber stamp; it is because we don’t carry people along. If for example there is an opportunity and it is for one week and the Senate needs to approve and we need to get it for Nigeria we can get in 24hrs because of the need and the emergency but if it can wait there is no urgency in it, we need to analyse.
“Like we rushed to approve certain borrowings until now we did not get the money. So why did we rush? These are the questions that come to my head most of the time.”
