House of Representatives postpones Buhari’s $22.79bn loan consideration indefinitely

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The House of Representatives has postponed deliberation on the $22.79 billion loan request President Muhammadu Buhari made, indefinitely. 

Speaker of the House, Hon. Femi Gbajabiamila made the announcement yesterday March 11 after a member of the House, Mr. Henry Nwawuba presented a petition by a group of South-East elite at the plenary on Tuesday against consideration and approval of the external loan.

The loan was listed in yesterday’s order paper and was to be presented by the Chairman House Committee on Aids, Loans and Debt Management, Hon. Ahmed Dayyabu Safana.

Femi Gbajabiamila however, asked for postponement of consideration of the loan request, without giving a new date.

Recall that the loan request was approved last week by the senate, despite protest by opposition senators led by the Minority Leader, Enyinnaya Abaribe.

The loan which is to be used to fund the Nigeria Electricity Transmission and Access Project Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, and the Economic Reforms and Governance Project, renamed Fiscal Governance Project, will be sourced from the World Bank, African Development Bank, Islamic Development Bank, Japan International Cooperation Agency, German Development Bank, China-Exim Bank and the French Development Agency. 

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