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Reps approve Nigerian govt’s request to borrow $8.3bn, €490m

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Reps vow to take action against MDAs failing to implement budget

The House of Representatives on Friday approved President Muhammadu Buhari’s request to borrow $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing (Rolling) Plan.

The lawmakers took the decision after considering the House Committee on Aids, Loans, and Debt Management’s interim report on the 2018-2020 External Borrowing (Rolling) Plan.

The Committee Chairman, Ahmed Dayyabu Safana, who presented the report at the plenary, said the terms and conditions of the loan from the funding agencies would be forwarded to the National Assembly prior to the execution of same for concurrence and proper documentation.

READ ALSO: In visuals, breakdown of Nigerian govt’s N15trn 3-year borrowing plan

He listed the funding agencies as World Bank ($796,000,000), China Exim Bank ($2,901,026,509), Industrial Commercial Bank of China ($2,484,555,304), African Development Bank ($104,200,000), Africa Growing Together Fund ($20,000,000) and French Development Agency (€240,000,000).

Others are – European Investment Bank (€250,000,000), European ECA/KfW/IPEX/AFC ($1,959,744,724) and International Fund For Agricultural Development (IFAD) ($60,000,000).

The House adopted the report after it was supported by the majority of the lawmakers.

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