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

The House of Representatives has approved President Muhammadu Buhari’s request for a $5.8 billion loan and grant of $10 million.

The president had in May, in a letter to the two chambers of the National Assembly, requested to borrow not more than the $6.1 billion 2018–2020 External Borrowing (Rolling) Plan to fund the 2021 budget deficit.
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The green chamber approved the request following the consideration of the report of the House Committee on Aids, Loans, and Debt Management by the Committee of supply on Tuesday, December 14.
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While presenting the report on the loan request, Chairman of the Committee on Aids, Loans and Debt Management, Ahmed Safana said the loan will be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.