Reps Approve Buhari’s $22.7bn Loan Request

The request by President Muhammadu Buhari to borrow $22.7 billion, was on Tuesday approved by the House of Representatives.

The request was approved by the lower chambers during Tuesday’s resumed plenary following consideration of the report of its committee on aids, loans and debt management.

Buhari had said he needed the loan in order to finance key infrastructures in the country, when he sent the loan request to the house in 2019.

It was reported that some South-east legislators stood against the move of the president ,with allegations that their region was excluded from the implementation plan of the loan.

Accordingly, the loan approval was suspended following the criticism, but it has now been debated and passed after some plea by the Speaker, Femi Gbajabiamila.