Reps approves Buhari’s request for $5.5bn loans

The House of Representatives has approved the $5.5billion external loans request of the President Muhammadu Buhari-led administration to fund critical infrastructural projects captured in the 2018 appropriation bill.

Chairman, House Committee on Media and Public Affairs, Hon Abdulrazaq Namdas disclosed this on Thursday, while speaking at his weekly briefing with journalists.

Namdas said that the House decided to approve the external borrowing plan because it believes that President Muhammadu Buhari will keep his words and his administration will execute projects that the loan had for obtained for.

“We’ve been given assurances that we’ll not go back into recession and that some of the projects such as the Mambilla power project which the loan will be used for are critical to the country,” he stated.

The lawmaker assured that the National Assembly will however carry out its oversight functions to make sure that projects proposed under the loan are executed.

“Already, the loan is captured in the 2018 budget. The executive is insisting that the borrowing will reflate the economy, help create jobs and improve the state of our dilapidated infrastructure.

“Borrowing is part of ways to rejig the economy not only in Nigeria, but all parts of the world. We’ve no doubt that the loan will be put to good use and lead to creation of jobs,” Namdas said.

Responding to questions why the administration is resorting to external borrowing when it hasn’t expended the huge amounts recovered as looted funds, the Adamawa lawmaker, said that the recovered loot has been captured in the budget estimates submitted to the National Assembly by the president for consideration and passage.

Henry Omunu, Abuja