Reps approve Buhari’s $22.7bn loan request rejected by the 7th assembly

By our reporter| The house of representatives on Tuesday approved President Muhammadu Buhari’s request to borrow $22.7 billion.

Buhari first sent the loan request to the 7th assembly under Bukola Saraki but it was rejected following protest by some lawmakers particularly those from the south-east and north-east who alleged that the region was excluded in the loan’s implementation plan.

But the house approved the request at plenary after considering the report of its committee on aids, loans and debt management much plea from the speaker, Femi Gbajabiamila.

The speaker told his colleagues that every step to address the issues raised against the loan request was met by legal blocks and that it is left to them to approve the loan entirely of reject it.

He, however, assured his colleagues that the leadership of the house extracted a committment from the executive to insert projects from the south-east and north-east into the next borrowing plan.

The speaker said, “For the first time, we added a clause specifying certain projects. We met and demanded for the commitment of the executive that these projects must be considered in the next borrowing plan and we got their words.”

“I am only seeking for the understanding of our colleagues from the north-east and south-east. All of us will agree that there is a massive wide infrastructural deficit in this country and we need to bridge that gap.

“I am pleading that you to understand with us and at this point, be nationalistic. Let us not throw away the baby with the bathwater. Mistakes have been made and it has been corrected for the future.”