Buhari’s $22.7 Billion Loan Request Approved by the House of Representatives
The House of Representatives approved President Muhammadu Buhari’s request to the federal government to borrow foreign loans totaling $22.7 billion.
Lawmakers` approval follows a recommendation by the committee on Aids, Loans and Debt Management Committee in its report to the House in plenary on Tuesday.
The approval of the House was in agreement with the Senate.
The loans are part of the federal government’s (rolling) external borrowing plan for 2016-2018.
The Senate approved the loan earlier on March 6 amidst controversy.
The minority leader, Senator Enyinnaya Abaribe, led the protest against the approval process, among other things.
The $ 22.7 billion loan was approved less than a week after Buhari wrote to the National Assembly asking for approval of new external borrowing totaling $ 5.513 billion.
Buhari had in his letter, read to the Senate and the House Thursday, said that the funds were intended for the budget deficit of 2020, for the financing of critical projects and to certain states of the federation.
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