Reps Give Buhari’s Fresh Loan Request Greenlight, Says It Deserves Approval

The House of Representatives has said President Muhammadu Buhari’s fresh loan request deserved its approval.

The Chairman, House Committee on Media and Public Affairs, Benjamin Kalu, stated this in a press briefing shortly after the activities of the House on Thursday, Naija News reports.

According to Kalu, the house has perceived the usefulness of the loan and are already thinking the President’s request should be approved.

The lawmaker, however, noted that the approval is subject to debate by the House.

Kalu assured the house would ensure proper scrutiny of the N4.89trn which the Buhari’s government had planned to borrow to fund the 2022 budget deficit.

Naija News reports that the Federal Government had proposed to borrow N4.89trn domestic and foreign loans to finance the 2022 budget deficit of N5.62trn.

The development is revealed in the highlights of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper presented to the House earlier.

The fresh loan request by President Buhari has already sparked outrage among many Nigerians who believed the incumbent government have taken too much already.

However, amid the fears of adding to the outrageous deficit on the nation’s purse, Kalu said the House would ensure adequate scrutiny after the details of the loans that had been provided before considering it for approval.

He said, “There is a projected new borrowing of N4.89trn.

“We are looking at approving it on the condition that there is the provision of the details of the borrowing plan and where it is going to because it was reflected in the MTEF.

“Now, when you break down this proposed expenditure for 2022, which is at N13.89trn, you have a makeup of total recurrence, non-debt of N6.21trn, personnel cost by MDAs at N3.47trn, and capital expenditure exclusive of transfers of N3.26trn.

“Special intervention recurrence amounting to N350bn and special intervention capital of 10bn.

” We are thinking these should be approved but subject to debate by the House.”