The House of Representatives has approved the request by the President, Major General Muhammadu Buhari (retd.), for the Federal Government to borrow foreign loans totaling $22.79bn.
The approval by the House was in concurrence with the Senate.
The loans are part of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.
The Senate had earlier on March 6 approved the loan amidst controversy. The Minority Leader, Senator Enyinnaya Abaribe, had particularly led the protest against the process leading to the approval.
The $22.79bn loan was approved less than one week after Buhari wrote to the National Assembly to request approval for fresh external borrowings totalling $5.513bn.
Buhari had in his letter, read in the Senate and House on Thursday, said the funds were for 2020 budget deficit, financing of critical projects and some states of the federation.
Meanwhile, the National Assembly had recently approved a loan of N850 billion for the Federal Government.
June 22, 2021
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