President Muhammadu Buhari’s loan request of $22.7 billion foreign loans, has been approved by the House of Reps.
The request was approved by the House Of Reps after considerations of a report by the house committee on aids, loans and debt management on Tuesday, June 2.
This is coming after a group of lawmakers from the South-East caucus had kicked against the loan request following the federal government’s failure to include projects in the south-east region among those meant to be financed by the loan.
The President had defended his request saying the loan request which was kicked against by the lawmakers would be used to fund infrastructural development across the country. The loan was approved by the Senate since March 2020.
As at September 30, 2019, Nigeria had a debt profile of $26.2 trillion. While the total domestic debts of about $18 trillion or 68.45 per cent, the West African country owes foreign lenders $8 trillion.