Reps Approve $8b, €490m Loan Requests By Buhari
The House of Representatives yesterday gave the nod for President Muhammadu Buhari to take a loan of $8,325,526,537 as requested by him.
The House also approved a separate €490 million loan request by him.
The approvals came under the 2018 – 2020 External Borrowing (Rolling) Plan of the Federal Government.
The loan approval followed the consideration of the interim report of the Committee on Aids, Loans, and Debt Management on the Proposed 2018-2020 external borrowing (Rolling) plan and the approval of the recommendations therein.
The report was submitted by the committee chairman, Hon Ahmed Dayyabu Safana.
The funding agencies according to the report are World Bank (WB) $796,000,000; China EXIM Bank $2,901,026,509; Industrial Commercial Bank of China $2,484,555,304...