Reps Make U-Turn, Back Buhari’s $29.9bn Borrowing Plan
There are indications that President Muhammadu Buhari’s $29.9 billion loan request from the World Bank, which was earlier rejected by the National Assembly, will get the support of the lower legislative house.
According to the majority leader of the House of Representatives, Hon Femi Gbajabiamila, the 8th House will endorse President Buhari’s loan request because it thinks he (Buhari) is a prudent leader and can be trusted to put the said fund into the right use.
This, Gbajabiamila said, on Sunday, while speaking with newsmen at the National Assembly complex in Abuja. He emphasized that the external borrowing is required “to pump money into the system, to reflate the economy and ensure its diversification.”
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In the loan request submitted by President Buhari to the National Assembly, $11.274 billion was for projects and programmes, Special National Infrastructure Projects $10.686 billion, Euro Bonds of $4.5 billion and Federal Government Budget Support of $3.5 billion.
