HOUSE OF REPRESENTATIVES APPROVE PRESIDENT MUHAMMADU BUHARI’S REQUEST FOR 5.8 BILLION DOLLARS LOAN

The House of Representatives has approved President Muhammadu Buhari’s loan request of 5.8 billion Dollars and grant of 10 million Dollars. The loans are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development. In approving the loan, the House asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly for proper execution and commendation.

The House Committee on Aids, Loans and Debt Management, had presented its report through the Chairman, Ahmed Safana of the All-Progressives Congress from Katsina state. Safana observed that out of the total borrowing of 5.8 billion Dollar covers 2.3 billion Dollars for the Grid Modernization and Expansion Programme, 290,000,000 Dollars for the malaria project, 700,000,000 Dollars for the Sustainable Water Supply, Sanitation and Hygiene, Project, 786,382,967 Dollars for the Gurara Phase II project among several others. The loan is part of the Federal Government’s 2018-2020 external borrowing plan.

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