Why We Approved President Buhari's $5.5bn Loan Request - House of Reps Finally Reveal

 

 

The House of Representatives on Thursday said it approved the $5.5 billion loan request from the executive because President Muhammadu Buhari is trustworthy and keeps to his words, Th Sun News reports.

 

It said that the approval was in spite of the nation’s rising debt profile.

 

Recall that both chambers had on Tuesday approved the president’s request to borrow $5.5 billion made up of $2.5 billion to fund the 2017 budget and another $3 billion to re-finance the country’s domestic debts.

 

Rep. Abdulrazak Namdas, the Chairman of the House Committee on Media and Public Affairs, told newsmen that  “we approved the loan because we believe that the President is a man of his words and will utilise the funds for the projects earmarked”.

 

He said that the House after studying the projects outlined to be executed with the proceeds of loan realised that they are essential for rapid economic development.

 

Namdas added that the House also realised that the loan proceeds would enhance social development of the country and considering the president’s integrity, they had no option than to approve the request.

 

 

He also explained that the nation was just recovering  from recession and there was need to inject more money into the economy to rejig it adding that the terms and conditions of the loan were favourable and not injurious to the nation.

 

 

Namdas assured that the House will also step up its oversight function to ensure that the loan was judiciously expended on the projects outlined.

 

 

Some of the projects to be funded with the loan are the Mambilla Hydropower project, construction of a second runway at the Nnamdi Azikiwe International Airport, counterpart funding for rail projects and the construction of the Bode-Bonny Road, with a bridge across the Opobo Channel.