The House of Representatives, on Tuesday, approved external borrowings totaling $5,803,364,553.50 and a grant of $10,000,000 for the Federal Government as part of the proposed 2018–2020 External Borrowing (Rolling) Plan No.3.
The approval followed the adoption of the report of the House Committee on Aids, Loans and Debt Management, which recommended the approval of the loans and grant.
The Reps’ Committee on Supply considered the report while the House adopted it.
The committee recommended that the House “approve the underlisted 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 breakdown of the funds showed that the World Bank is granting $2,300,000,000 while a German consortium is advancing $2,300,000,000 and $10,000,000 loan and grant, respectively.
The Islamic Development Bank is granting $90,000,000 loan; China Eximbank, $786,382,967 loan; Bank of China, $276,981,586:50 loan; and the International Fund for Agricultural Development, $50,000,000 loan.
The House also asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly “before the execution of the same for approval and proper documentation.”
The Senate and the House had in November approved external borrowings of the sums of $16,230,077,718 and €1,020,000,000, and a grant of $125,000,000 for the regime led by the President, Major General Muhammadu Buhari (retd.), to fund its legacy projects.
The approval by the House had followed the consideration and adoption of the report by its Committee on Aids, Loans and Debt Management.
The Chairman of the committee, Ahmed Safana, had prayed the House to consider the report on “request for a concurrent approval of donor fund projects under the Federal Government-proposed 2018-2020 external borrowing (rolling) Plan No. 2 and addendum to the request for concurrent approval of multilateral fund projects under the 2018-2021 Federal Government external borrowing (rolling) plan.”