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Reps approve $5.8bn loan, $10m grant request for Buhari

By News Desk

Lawmakers at House of Representatives have approved President Muhammadu Buhari’s loan request of 5.8 billion dollars and grant of $10 million.

Approval by the legislators followed the consideration and adoption of report presented by the Chairman, House Committee on Aids, Loans and Debt Management, Hon. Ahmed Safana.

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

While presenting the report during plenary on Tuesday, Safana explained 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.

Others, he said, were $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.

He said, “the House do consider Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan.

“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 and a Grant component of $10,000,000 (Ten Million USD) under the 2018-2020 External Borrowing (Rolling) plan.

“Funding agency, World Bank (WB), German Consortium, Islamic Development Bank, China Eximbank, Bank of China, International Fund for Agricultural Development.”

In approving the loan, the House demanded the terms and conditions of the loan from the funding agencies, saying it should be forwarded to the National Assembly for evaluation.

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