Reps Okays Buhari $1.5bn, €995m Loan Request

Members of the House of Representatives on Thursday approved President Buhari request for the Federal Government to make external borrowings of $1.5bn and €995m.

The House Committee on Aids, Loans and Debt Management had on April 21, 2021, laid its report on the presidential request and on the same day the senate approved the loan.

The Chairman of the committee, Ahmed Dayyabu, prayed the house to received the request and give an approval of external loans so as to finance the priority projects of the federal government.

In the report, the committee recommended that the House “approve the External Borrowing Plan of $1.5bn and €995m’ and ‘that the terms and conditions of the loans from each lender as contained in a duly executed loan agreements be forwarded to the National Assembly for proper documentation.”

The report was unanimously adopted.