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Debt: Reps Approve Buhari's $1.5 billion, €995 Million Loans Without Seeing Terms & Conditions

Posted by Thandiubani on Thu 29th Apr, 2021 - tori.ng

The House of Representatives has left many Nigerians curiously by blindly approving loan requests without seeing terms and conditions.

House of Representatives

It has been discovered that House of Representatives approved a loan request sent by President Muhammadu Buhari without seeing terms and conditions of the loan it approved, according to a report by DailyPost.

The green chamber had concurred with the senate, who had last week approved the request by the government to borrow $1.5 billion and €995 million to finance key priority projects.

Following the consideration of the report of the House committee on aids, loans and grant by the Committee on Supply, the green chamber approved the loan.

The President, Muhamadu Buhari had sent a letter to the House in May 2020, requesting the approval of the House to borrow the loans.

However, the lawmakers, after approving the loan requested that the executive should send the terms and agreement of the loans to the House.

“That the terms and conditions of the loans from each Lender as contained in a duly executed Loan Agreements be forwarded to the National Assembly for proper documentation.”