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Reps approve FGs $5.8bn External Loan, $10m Grant

Speaker, House of Representatives, Femi Gbajabiamila. Photo/FACEBOOK/SPEAKERGBAJA

The House of Representatives has approved President Muhammadu Buhari’s loan request of $5.8 billion and grant of $10 million.

The lawmakers gave the approval sequel to the adoption of the recommendations in the final report of the House Committee on Aids, Loans and Debt Management on the proposed 2018–2020 External Borrowing (Rolling) Plan No.3 presented by Alhaji Ahmed Safana, considered at the Committee of Supply.

In his lead debate, Ahmed Safana explained that the loans which was part of the Federal Government’s 2018-2020 external borrowing plan are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.

He added that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project, $786,382,967 for the Gurara Phase II project among several others.

“That the House do consider the final report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan.

The lawmakers however, tasked the Executive to ensure that the terms and conditions of the loan from the funding agencies are forwarded to the National Assembly for proper execution and commendation.

Reporting by Ibrahim Shehu; editing by Adeniyi Bakare