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House of Reps approves FG’s loan request for $8b, €490m

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The House of Representatives has approved the loan request of $8,325,526,537 by President Muhammadu Buhari, as well as a separate €490 million loan request by the president.

The lawmakers gave the approval on Thursday, July 16 just before embarking on a two-month vacation under the 2018 – 2020 External Borrowing (Rolling) Plan of the Federal Government.

The 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; Africa Development Bank (AFDB) $104,200,000; Africa Growing together Fund (AGTF) $20,000,000; European ECA/KFW/IPEX/AFC $1,959,744,724; and Development (IFAD) 60,000,000 adding up the $8,325,526,537 sum.

The second loan of €490 million has the French Development Agency (AFD) €240,000,000 and the European Investment Bank €250,000,000 as funding agencies according to the report.

Buhari had in May, asked the National Assembly to approve the loan.

He had said the loan would enable projects listed under the 2018-2020 External Borrowing Plan to be financed.

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