Get it on Google Play

Reps Approve Buhari's $22.7B Loan To Fund Infrastructural Development

Updated Tuesday 2 June 2020 21:9
Reps Approve Buhari's $22.7B Loan To Fund Infrastructural Development
 

Did you know? You can comment on this post! Just scroll down

The House of Representatives on Tuesday approved President Muhammadu Buhari’s request to take $22.7 billion in foreign loans.

The House approved the request after it considered the report of its committee on aids, loans and debt management.

President Buhari had said in 2019 that the loan was intended to fund key infrastructure in the country.

The Senate had earlier given its nod to the request in March. Lawmakers at the House of Representatives had earlier kicked against the bill, forcing debates to be suspended.

The lawmakers, especially those of the south-east caucus, complained about the government’s failure to include projects in the region amongst those to be financed from the loan.


However, following debates that were accompanied by pleas from House Speaker Femi Gbajabiamila, the loan proposal has now been approved.

Last month, both Houses
approved an ₦850 billion loan proposal from the president, which is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

Last week, Mr Buhari also wrote to both chambers, seeking the approval of another $5.513 billion foreign loans.

Nigeria’s rising debt profile, as of September 30, 2019, was ₦26.2 trillion. Of this amount, total domestic debts is about ₦18 trillion, or 68.45 per cent. About ₦8 trillion are owed to foreign lenders.

Article Posted 4 Months ago. You can post your own articles and it will be published for free. No Registration is required! But we review before publishing! Click here to get started

Love This? Share It!

One Favour Please! Subscribe To Our YouTube Channel!

468k

Cook Amazing Nigerian Dishes, Follow Adorable Kitchen YouTube Channel!

1.1m

Like us on Facebook, Follow on Twitter

React and Comment

Click Here To Hide More Posts Like This

Watch and Download Free Mobile Movies, Read entertainment news and reports, Download music and Upload your own For FREE. Submit Your Content to be published for you FREE! We thrive on user-submitted content! But we moderate!

Get it on Google Play
Attention
We use cookies to serve you better. We have to let you know this in accordance with EU laws. You accept our terms and conditions by using this platform. Please Click on the OK button below to hide this message