Northern Nigerian Breaking News

Reps approve FG’s $5.8bn loan request

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The House of Representatives has approved President Muhammadu Buhari’s loan request of 5.8 billion dollars.

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

Presenting the report, Rep. Ahmed Safana, the Chairman of the Committee said that the loan was part of the Federal Government’s 2018-2020 external borrowing plan.

Read Also:Senate okays Buhari’s $16bn, €1bn loans request

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

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

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

Recall that in November The Senate approved $16,230,077,718, €1,020,000,000 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) plan” for the Federal Government.

This followed the consideration of the report of the Senate Committee on Local and Foreign Debts by the Senate.

The report was presented by the Chairman of the Committee, Senator Clifford Ordia, at plenary.

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