House of Reps give condition to approve Buhari’s fresh loan request

Conditions have been outlined by the lower federal chamber under which President Buhari’s request of N4.89 trillion for the implementation of projects across the country will be approved by the House of Representatives.

This is in line with the House pledge to scrutinise the fresh loan request.

The Chairman, House Committee on Media and Public Affairs, Benjamin Kalu, made this assertion on Thursday during a media briefing after plenary.

He said, “There is a projected new borrowing of N4.89trn.

“We are looking at approving it on the condition that there is the provision of the details of the borrowing plan and where it is going to because it was reflected in the MTEF.

“Now, when you break down this proposed expenditure for 2022, which is at N13.89trn, you have a makeup of total recurrence, non-debt of N6.21trn, personnel cost by MDAs at N3.47trn, and capital expenditure exclusive of transfers of N3.26trn.

“Special intervention recurrence amounting to N350bn and special intervention capital of 10bn.

“We are thinking these should be approved but subject to debate by the House.”

In a letter to the National Assembly, The Federal Government appealed to borrow N4.89trn domestic and foreign loans to finance the 2022 budget deficit of N5.62trn.

This was contained in the highlights of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper presented to the House.

Kalu said that the House of Representatives will ensure the loan request is debated amongst the lawmakers before ratification.

Oluchi Omai

Oluchi Omai is a Blogger/ Content Creator, he is a prolific writer and movie maker.

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