The House of Representatives has approved President Muhammadu Buhari’s loan request of $5.8 billion.
The approval of the request followed the adoption of the report of the House Committee on Aids, Loans and Debt Management at Tuesday’s legislative plenary session.
The Chairman of the Committee, Hon. Ahmed Safana, while presenting the report, said that the loan was part of the Federal Government’s 2018-2020 external borrowing plan.
The lawmaker explained 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.
He said: “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.”
Though the lawmakers approved the request, they, however, asked the Federal Government to forward the terms and conditions of the loan from the funding institutions to the National Assembly for proper scrutiny before disbursement.
