The House of Representatives on Tuesday approved President Muhammadu Buhari’s request to take $22.7 billion in foreign loans.

The House approved the request after it considered the report of its committee on aids, loans and debt management.

President Buhari had said in 2019 that the loan was intended to fund key infrastructure in the country.

The Senate had earlier given its nod to the request in March. Lawmakers at the House of Representatives had earlier kicked against the bill, forcing debates to be suspended.

The lawmakers, especially those of the south-east caucus, complained about the government’s failure to include projects in the region amongst those to be financed from the loan.

However, following debates that were accompanied by pleas from House Speaker Femi Gbajabiamila, the loan proposal has now been approved.

Last month, both Houses
approved an ₦850 billion loan proposal from the president, which is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

Last week, Mr Buhari also wrote to both chambers, seeking the approval of another $5.513 billion foreign loans.

Nigeria’s rising debt profile, as of September 30, 2019, was ₦26.2 trillion. Of this amount, total domestic debts is about ₦18 trillion, or 68.45 per cent. About ₦8 trillion are owed to foreign lenders.

Ogbuu101:
When the history of this country will be written,the SE will hold their head up high as the ppl who did their best to resist the worst govt ever and who were not among the govt that turned d 3rd fastest growing economy to d poverty capital of the world in less than 4yrs.

Golan007:
In 2 years they would be asking for railway as they did in 2016.

nero2face:
so they should borrow to build a railway for u?, some of Buhari's supporters are just stupid and foolish

Esseite:


Is there any project in the East sited on that loan schedule?..

Golan007:


You are quoting yourself?

Ogonimilitant:
The reason why Biafra must come

Ogbuu101:
When the history of this country will be written,the SE will hold their head up high as the ppl who did their best to resist the worst govt ever and who were not among the govt that turned d 3rd fastest growing economy to d poverty capital of the world in less than 4yrs.