The House of Representatives Tuesday approved President Muhammad Buhari’s request to borrow $22.798 billion, under the 2016–2018 Medium Term External Borrowing (Rolling) plan.
The approval followed the consideration of the report of the House Committee on Aids, Loans and Debt Management by the Committee of Supply chaired by the Speaker, Femi Gbajabiamila.
Out of the $22.798 billion loan, $ 2.854 billion is from World Bank, $1.888 billion is from Africa Development Bank, $110 million is from Islamic Development Bank (IDB), $200 million is from JICA, $200 million is from German Development Bank, $17.065 billion from China Eximbank and $480 million is from French Development Agency (ADF).
Laying the report, Chairman, House Committee on Aids, Loans and Debt Management Ahmed Safana, called on the House to consider the report on the 2016–2018 Federal Government External Borrowing (Rolling) Plan and approve the recommendations therein.
He recommended that the Federal Government should source Funding for Port Harcourt – Maiduguri Rail line in the next Borrowing Plan.
The Senate had in March this year approved the same loan for the President but it was stepped down when taken the House of Representatives for concurrence over alleged imbalance allocation of projects to be executed with the loan.