President Muhammadu Buhari’s loan request of $5.8 billion has been approved by the House of Representatives.
The approval came after the House Committee on Aids, Loans, and Debt Management adopted its report on Tuesday in Abuja.
The loan was part of the federal government’s 2018-2020 external borrowing plan, according to Ahmed Safana, the committee chairman, who presented the report.
He said the money would come from the World Bank, the Islamic Development Bank, China Exim Bank, the Chinese Africa Development Fund, and the International Fund for Agricultural Development.
He said, “I hereby move that the house consider the final report of the Committee on Aids, Loans, and Debt Management on the 2018–2020 External Borrowing (Rolling) Plan.”
While approving the request, the House requested that the terms and conditions of the funding agencies’ loan be forwarded to the National Assembly for review.