The House of Representatives and Senate have disagreed over the approval of another loan for President Muhammadu Buhari’s administration.
President Buhari had sought approval for the N2.34 trillion loan implementation. Ripples Nigeria reported that the Senate gave its approval on Wednesday.
According to Senate President, Ahmad Lawan, the Upper Chamber’s committee will oversee the usage of the funds and prevent frivolous spending.
However, the House of Reps turned down the report submitted by its Committee on Aids, Loans and Debt Management for the consideration of the loan which would have been secured through international capital market with Eurobond issuance.
National Assembly divided amid Nigeria’s debt problem
The refusal of the House to give favourable resolution to the N2.3 trillion loan as done by the Senate comes at a period the country’s debt stock rose to N33.1 trillion.
Over N12.47 trillion was attributed to external debt as at March 31, while domestic debt was put at N20.64 trillion – this excludes the N2.3 trillion loan.
Between January to May, the Nigerian government used N1.3 trillion to pay workers salaries and service matured debts. It was gathered that the government’s personnel and debt expenditures are well above overall revenue.
Personnel and debt expenditures stands at N3.15 trillion, settling above the N1.84 trillion overall revenue, according to analysis of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) released by the Budget Office.
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...