Why We Approved Buhari’s 5.5bn Loan Request — Reps - 19 11 2017

It stated that the approval was in spite of the nation’s rising debt profile.

NAN recalls that each chambers had on Tuesday authorized the president’s request to borrow 5.five billion dollars created up of 2.five billion dollars to fund the 2017 price range and a further 3 billion dollars to re-finance the country’s domestic debts.
Rep. Abdulrazak Namdas, the Chairman of the Property Committee on Media and Public Affairs, told newsmen that "we approved the loan since we believe that the President is a man of his words and will make use of the funds for the projects earmarked".
He said that the Home just after studying the projects outlined to be executed with the proceeds of loan realised that they were vital for speedy economic development.thecommonwealth.orgyohaig.ng</a>
Namdas added that the Property also realised that the loan proceeds would boost social improvement of the nation and taking into consideration the president’s integrity, they had no selection than to approve the loan.
"If you have a individual that sticks to his words and with President Muhammadu Buhari, we have no doubt that this loan will be put to superior use. "
He also explained that the nation was just recovering from recession and there was require to inject much more money into the economy to rejig it adding that the terms and situations of the loan were favourable and not injurious to the nation.
"We just came out of recession and we require to devote cash on infrastructure. Borrowing is portion of methods to rejig the economy but it is not superior to borrow for frivolous products. Having said that, when you borrow to invest, there is nothing incorrect about it."
Namdas assured that the Residence will also step up its oversight function to make certain that the loan was judiciously expended on the projects outlined.
"We do not just approved the loan, we are going to do oversight and assure that the loan is appropriately utilized."
Some of the projects to be funded with the loan are the Mambilla Hydropower project, construction of a second runway at the Nnamdi Azikiwe International Airport, counterpart funding for rail projects and the building of the Bode-Bonny Road, with a bridge across the Opobo Channel. (NAN)

Buhari , loan request , Property of Reps