Reps approve Buhari’s request to source N850bn from local market

The House of Reps on Tuesday approved the request by President Muhammadu Buhari to convert N850billion loan from foreign sources to the domestic market.

This decision followed the consideration of the report for the loan by the House Committee on Supply.

President Buhari in a letter on Tuesday, May 5, to the Reps requested the loan which had already been approved in the 2020 appropriation act to be converted from external borrowing to local borrowing.

Dogara, while speaking to the report explained that the loan is not a new request; rather to convert an existing request from foreign sources to local sources.

“This item is already captured in the 2020 act. It was provided in the budget. All they want is to take the facilities from local sources.

“During the leadership interface with the Finance minister, we were assured that the rate will be favourable. And the request was agreed at the leadership meeting,” the Reps revealed.

The Senate already approved the request for the loan.

Meanwhile, the Nigeria Civil Service Union on Tuesday, May 12, has warned the Federal Government against the implementation of the Oronsaye Committee Report; even with the spread of the COVID-19 pandemic.

The National Administrative Council of the union said in Abuja that it condemned the proposed implementation of the report; at a time the country was grappling with the COVID-19 pandemic.

It further noted that the report would lead to the lay-off of thousands of workers in the public sector.

This report proposes the merger and scrapping of some Ministries, Departments and Agencies of the government.

In a statement signed by its General Secretary, Yahaya Ndako, the union said, “The National Administrative Council condemned in its entirety the proposed implementation of the report at this critical time; which is driven towards victimising and laying off thousands of working people in the public sector into the pool of industry of unemployment.”


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