Reps approves N2.38trn external loan for FG

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The House of Representatives yesterday approved external borrowings to the tune of $5,803,364,553.50, equivalent of N2,379,203,365,998.40, according to a request by President Muhammadu Buhari.

It also approved a grant component of $10 million for the Federal Government, following the adoption of the report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing Plan No. 3.

The report was laid by the chairman of the committee, Ahmed Safana-Dayyabu.

The loan will be taken from World Bank, German Consortium, Islamic Development Bank, China Eximbank, Bank of China and the International Fund for Agricultural Development.

The grant is also expected from German Consortium.

The House asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly.