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Reps approve Buhari’s $5.8bn loan request

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The House of Representatives on Tuesday approved President Muhammadu Buhari’s request to borrow $5.8 billion from multilateral lenders.

The approval followed the adoption of the report of the House Committee on Aids, Loans, and Debt Management at the plenary in Abuja.

The Chairman of the committee, Ahmed Safana, who presented the report, said the loan was part of the Federal Government’s 2018-2020 external borrowing plan.

He said that the loan would be sourced from the World Bank, the Islamic Development Bank, China Exim bank, the Chinese Africa Development Fund, and International Fund for Agricultural Development.

READ ALSO: Senate approves Buhari’s $16bn, €1bn foreign loans request

President Buhari had in a letter to the National Assembly in May requested to borrow not more than $6.1 billion 2018–2020 External Borrowing (Rolling) Plan to fund the 2021 budget deficit.

Safana said: “I hereby move that the House do consider the final report of the Committee on Aids, Loans and Debt Management on the 2018–2020 External Borrowing (Rolling) Plan.”

The House while approving the request, asked that the loan’s terms and conditions from the funding agencies be forwarded to the National Assembly for proper scrutiny.

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