The House of Representatives Tuesday approved President Muhammad Buhari’s request to borrow $22.8 billion, under the 2016–2018 Medium Term External Borrowing (Rolling) plan.
The approval followed the consideration of the report of the House Committee on Aids, Loans and Debt Management by the Committee of Supply chaired by the Speaker, Femi Gbajabiamila.
Out of the $22.798 billion loan, $ 2.854 billion is expected from World Bank, $1.888 billion from the Africa Development Bank, $110 million from the Islamic Development Bank (IDB), $200 million from
JICA, $200 million from German Development Bank, $17.065 billion from China Eximbank and $480 million from French Development Agency (ADF).
The Senate had in March approved the same loan for the President but it was stepped down when taken to the House of Representatives for concurrence over alleged imbalance in allocation of projects to be executed with the loan.