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Politics

JUST IN: Why Reps approved Buhari’s $22.79bn foreign loan request

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The House of Representatives, on Tuesday, approved a fresh $22.79bn loan request made by President Muhammadu Buhari.

According to the Government, the loans are part of the 2016–2018 Federal Government External Borrowing (Rolling) Plan laid before the House on March 5, 2020, before the President’s fresh loan request of $5.5 billion on May 28, 2020.

POLITICS NIGERIA learned that the House of Reps gave approval to the request after suspending its consideration of the request indefinitely.

During Tuesday plenary, Speaker of the House, Femi Gbajabiamila, explained that the lawmakers suspended the consideration of the loan request due to the protest by National Assembly members from the South-East over the exclusion of the geopolitical zone.

However, Chairman of the Committee on Loans and Debt Management, Ahmed Safana, while presenting his report, notified the lawmakers that the Port Harcourt-Maiduguri rail line project had been inserted into the borrowing plan.

In its recommendation, the committee asked the Federal Government to source funding for the Port Harcourt-Maiduguri rail line in the next borrowing plan.

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