Reps approve Buhari’s request for N819.54bn domestic loan

The House of Representatives on Wednesday approved President Muhammadu Buhari’s request for N819.54 billion domestic loan to fix the infrastructure destroyed by floods across the country.

This followed the adoption of a report presented by the Chairman House Committee on Appropriation, Muktar Betara, at the plenary in Abuja.

The president had last week sought the parliament’s approval for N819.54 billion supplementary budget in a letter read by the Speaker of the House, Femi Gbajabiamila.

He said the fund was part of the capital expenditure component of the 2022 budget.

READ ALSO: Buhari govt taking loans to fund projects promised Nigerians – Fashola

The new loan increased the Federal Government’s domestic debt in 2022 to N3.33 trillion.

The House also passed the Finance Bill, 2022 designed to provide support for the funding of the 2023 budget.

The Finance Bill 2022 proposed amendments to a number of fiscal laws including capital gains tax, company income tax, and customs excise tariff Act.

Others are the Federal Inland Revenue Service Act, personal income tax, and stamp duties act.

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