House Postpones Consideration of Buhari’s $22.79bn Loan Request

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Udora Orizu in Abuja

The House of Representatives has postponed deliberation on the $22.79 billion external borrowing, which was requested by President Muhammadu Buhari.

The Speaker, Hon. Femi Gbajabiamila, made this known yesterday at the plenary.

Gbajabiamila said the consideration of loan requested by the President should be stepped down. No new date has been set yet.

It would be recalled that a member of the House, Mr. Henry Nwawuba, presented a petition by a group of South-East elite at the plenary on Tuesday against consideration and approval of the external loan.

Nwawuba said the petition would save the National Assembly from embarrassment, adding that there was a disconnect between the loan proposal and the Fiscal Responsibility Act.

Responding, the Speaker told him that the request by the President to the House to consider the loan was listed in yesterday’s order paper and was to be presented by the Chairman House Committee on Aids, Loans and Debt Management, Hon. Ahmed Dayyabu Safana.

It requested that: “The House do consider the Report of the Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing (Rolling) Plan and approve the recommendations therein” (Laid: 5/3/2020) (Committee on Supply).

“Approve the under listed ongoing negotiation of External Borrowing in the sum of $22,798,446,773 (Twenty-Two Billion, Seven Hundred and Ninety-Eight Million, Four Hundred and Forty-Six Thousand, Seven Hundred and Seventy-Three United States Dollars) under the 2016-2018 Medium Term External Borrowing (Rolling) plan; (a) World Bank 2,854,000,000; (b) Africa Development Bank 1,888,950,000; (c) Islamic Development Bank (IDB) 110,000,000; (d) Jica 200,000,000; (e)German Development Bank 200,000,000; (f) China Eximbank 17,065,496,773 and (g) AFD 480,000,000, (h)Grand Total ($) 22,798,446,773.”

In addition: That the terms and conditions of the loan from the funding agencies, be forwarded to the National Assembly prior to the execution of same for concurrence and proper documentation.”