Reps Approves Buhari’s $5.8bn Loan Request
The House of Representatives on Tuesday approved President Muhammadu Buhari’s request for external borrowings to the tune of $5,803,364,553.50 and a grant component of $10,000,000 for the Federal Government.
The resolution followed the adoption of the report of the Committee on Aids, Loans and Debt Management on the proposed 2018–2020 External Borrowing (Rolling) Plan No.3.
The report was laid by the chairman of the committee, Hon. Ahmed Safana Dayyabu.
The breakdown of the loans showed that the World Bank would give $2,300,000,000; German consortium, $2,300,000,000; Islamic Development Bank, $90,000,000; China Eximbank, $786,382,967; Bank of China, $276,981,586:50; and the International Fund for Agricultural Development, $50,000,000.
The $10,000,000 grant is also expected from German consortium.
The House urged that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly “before the execution of same for approval and proper documentation”.
