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House of Reps approve Buhari’s request to borrow $5.8bn and grant of $10m

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

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, Rep. Ahmed Safana (APC-Katsina).

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Safana observed 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 Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan No.3 (Laid:14/12/2021) – Committee of Supply,” Safana said.

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“That the House do approve the under listed ongoing negotiation of external borrowing of $5,803,364,553.50 and a Grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan.”

The loan is part of the Federal Government’s 2018-2020 external borrowing plan.

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