Why we approved Buhari’s $5.5bn loan request – Reps

The House of Representatives, yesterday explained why it approved the $5.5 billion loan request from the executive.

 

The green chamber said it was because President Muhammadu Buhari is trustworthy and keeps to his words.

The national assembly had on Tuesday approved the president’s request to borrow $5.5 billion made up of $2.5 billion to fund the 2017 budget and another $3 billion to re-finance the country’s domestic debts.

Abdulrazak Namdas, the Chairman of the House Committee on Media and Public Affairs, told newsmen on Thursday that “we approved the loan because we believe that the President is a man of his words and will utilize the funds for the projects earmarked”.

According to him, the House after studying the projects outlined to be executed with the proceeds of loan realised that they were essential for rapid economic development.

Namdas added that, “the House also realised that the loan proceeds would enhance social development of the country and considering the president’s integrity.

“If you have a person that sticks to his words and with President Muhammadu Buhari, we have no doubt that this loan will be put to good use.

“We just came out of recession and we need to spend money on infrastructure. Borrowing is part of ways to rejig the economy but it is not good to borrow for frivolous items. However, when you borrow to invest, there is nothing wrong about it.”

The lawmaker assured that the House will also step up its oversight function to ensure that the loan was judiciously expended on the projects outlined.

“We don’t just approve the loan, we are going to do oversight and ensure that the loan is properly utilised,” he said.