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

From Ndubuisi Orji, Abuja

The House of Representatives, yesterday, approved President Muhammadu Buhari’s request to take obtain 5.8 billion dollars and grant of $10 million.

The House approved the request, after the report of the Committee on Aids, Loans and Debt Management was considered and adopted at the Committee on Supply jointly chaired by the speaker, Femi Gbajabiamila and his deputy, Idris Wase.

The chairman Committee on Aids, Loans and Debt Management, Management, Ahmed Safana, while presenting the report said the loan was part of  Federal Government’s 2018-2020 external borrowing plan.

Safana explained that the loan would be   sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.

According to him, a breakdown of the loan include  $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.

Consequently, he urged the House to consider and approve “ Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan,  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. “

After the approval, the speaker requested that  the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly.