Buhari’s request for $5.8bn loan, $10m grant approved

The Nigerian House of Representatives has approved President Muhammadu Buhari’s loan request of $5.8 billion and grant of $10 million.

It was learnt that the loan is part of the Federal Government’s 2018-2020 external borrowing plan.

The loans are expected to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.

In approving it, the House had requested that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly for proper execution and commendation.

The House Committee on Aids, Loans and Debt Management, had presented its report through the Chairman, Hon. Ahmed Safana, an APC member from Katsina.

The lawmaker observed that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project, $786,382,967 for the Gurara Phase II project among several others.

“That that the House do consider Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan No.3 (Laid:14/12/2021) – Committee of Supply,” Safana said.

“That the House do approve the under listed ongoing negotiation of external borrowing of $5,803,364,553.50 and a Grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan.”

The loan is part of the Federal Government’s 2018-2020 external borrowing plan.