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House of Representatives Approve Buhari’s $22.7 Billion Foreign Loan Request

Reps approve Buhari's loan
Reps approve Buhari's loan

On Tuesday, June 2, the House of Representatives approved President Muhammadu Buhari’s request to take $22.7 billion in foreign loans after considering the report of its committee on aids, loans and debt management.

The loan, President Buhari said, was intended to fund key infrastructure in the country.

Lawmakers at the House of Representatives,especially those of the south-east caucus, had earlier kicked against the bill, forcing debates to be suspended.

However, following debates that were accompanied by pleas from House Speaker Femi Gbajabiamila, the loan proposal has now been approved.

Last month, both Houses
approved an ₦850 billion loan proposal from the president, which is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

Last week, Mr Buhari also wrote to both chambers, seeking the approval of another $5.513 billion foreign loans.

Nigeria’s rising debt profile, as of September 30, 2019, was ₦26.2 trillion. Of this amount, total domestic debts is about ₦18 trillion, or 68.45 per cent owing about ₦8 trillion to foreign lenders.

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