Reps Approve Buhari’s Request to Borrow $22.7 Billion
Nigeria’s Federal House of Representatives has approved President Muhammadu Buhari’s request to borrow $22.7 billion.
The lower legislative house approved the request at Tuesday’s plenary session after it considered the report of its committee on aids, loans and debt management.
When he sent the request in 2019, Buhari said the loan will be used to finance key infrastructures in the country.
But some lawmakers particularly those in the south-east kicked against the move, alleging that the region was excluded in the loan’s implementation plan.
The criticisms had led to suspension of the loan approval which has now been debated and passed after much plea from Femi Gbajabiamila, the speaker.
More to come…
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