Rep gives approval on Buhari’s $22.79 billion loan request

By Chinenye Festus:-

Speaker of the house of representatives Femi gbajabiamila three month later gives reasons why the loan request was suspended by lawmakers.

The Senate had approved the loan on March 6 but the House suspended its consideration of the request indefinitely.While presiding over Tuesday’s plenary, Gbajabiamila stated that the suspension was due to the protest by National Assembly members from the South-East over the exclusion of the geopolitical zone.      

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.                                                   

In its recommendation, the committee asked the Federal Government to source funding for the Port Harcourt-Maiduguri rail line in the next borrowing plan.Chairman of the Committee on Loans and Debt Management, Ahmed Safana, presenting his report, notified the lawmakers that the Port Harcourt-Maiduguri rail line project had been inserted into the borrowing plan.                                 

Here is the breakdown of the loan.                                                         

 World Bank – 2, 854, 000, 000

• African Development Bank – 1,888, 950, 000

• Islamic Development Bank – 110,000,000

• JICA – 200,000,000

• German Development Bank – 200,000,000

• China Eximbank – 17,065, 496,773.                                                   • AFD – 480,000,000

Total = 22, 798, 446, 773

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