The House of Representatives on Tuesday approved President Muhammadu Buhari request to borrow $5.8 billion from multilateral lenders
The approval followed the adoption of the report of the House Committee on Aids, Loans and Debt Management on Tuesday in Abuja.
Presenting the report, Ahmed Safana, the committee chairman said the loan was part of the federal government’s 2018-2020 external borrowing plan.
He said the loan would be sourced from financial institutions like the World Bank, the Islamic Development Bank, China Exim bank, Chinese Africa Development Fund and International Fund for Agricultural Development.
“I hereby move that the house do consider final report of the Committee on Aids, Loans and Debt Management on the 2018–2020 External Borrowing (Rolling) Plan,” he said.
The House while approving the request, asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly for proper scrutiny.