National Assembly approves Buhari’s $5.5bn budget loan, $22.7bn facility
Sunday Aborisade and Leke BaiyewuThe House of Representatives has approved the request by the President, Major General Muhammadu Buhari (retd.), for the Federal Government to borrow foreign loans totalling $22.79bn.The approval by the House was in concurrence with the Senate.
The $22.79bn loan was approved less than one week after Buhari wrote to the National Assembly to request approval of fresh external borrowings totalling $5.513bn.Buhari had, in his letter read in the Senate and House on Thursday, said the funds were for 2020 budget deficit, financing of critical projects and some states of the federation.
The states include Kaduna, Katsina and Kogi.The $22.79bn loan is part of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.The Senate had on March 6 approved the loan amidst controversy. The Minority Leader, Senator Enyinnaya Abaribe, had particularly led the protests.
The House on March 11 suspended its consideration of the request indefinitely.The Speaker, Femi Gbajabiamila, would later on March 18 disclose that the protest by National Assembly members from the South-East geopolitical zone led to the suspension of work on the loan.
He had said the House was already in talks with the Federal Government officials on how the zone would be accommodated in the execution of projects with the loan.At the plenary on Tuesday, the House considered and adopted the report by the Committee on Aids, Loans and Debt Management led by Mr Ahmed Safana, which inserted the Port Harcourt-Maiduguri rail line project, asking the Federal Government to seek a separate loan for its execution.
The committee recommended “that the Federal Government should source funding for Port Harcourt-Maiduguri rail line in the next borrowing plan.“Approve the listed ongoing negotiation of external borrowing in the sum of $22,798,446,773 under the 2016–2018 Medium Term External Borrowing (Rolling) plan.”
While several members from the South-East and North-East geopolitical zones insisted on inserting the Port Harcourt-Maiduguri rail line project on the list of those to be financed with the $22.79bn, Gbajabiamila explained that an agreement had been reached with the executive arm of government to include it in a subsequent facility.
The Speaker noted that the leadership of the House had drawn the commitment of the finance minister that the project must be captured in the next loan if the lawmakers must approve it.The committee in its report, a copy of which our correspondent obtained, echoed the concerns expressed by Nigerians on the country’s rising debt profile and the implication for the economy.
Senate approves Buhari’s $5.513bn foreign loan requestMeanwhile, the Senate on Tuesday approved the $5,513,000,000 external loan request submitted to it by Buhari last Thursday.The President of the Senate, Ahmad Lawan, who read the covering letter that accompanied the loan request last week, had asked the Committee on Local and Foreign Debts to work on the document.
Buhari had said the loan request would enable his government to fund the revised 2020 budget following the dwindling oil revenue occasioned by the effects of the COVID-19 pandemic.The Chairman of the Senate Committee on Local and Foreign Debts, Senator Clifford Ordia, read the report of his panel which was approved by the Senate.
The loan would be sourced from multilateral and bilateral institutions.Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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😂😂😂😂😂😂😂😂😂 This is outrageous These people will enslaves Nigerians by their loans Rubber stamp If I may ask is this loan for ten years budget or just a year? Because am confused. The only thing N/A know to do best is to approve money, when it come to making of good policies f9 This 9th senate is a big disaster. By the time Fulani morons finished with this country Nigeria will cease to exist
What the hell with all this loan loan of a thing There is a problem 😣😓 alright!!! Central bank in agbada janjaweed criminals that's what Nigerians pasting is to borrow loan Loan 😬 loan without No pay back $28.2bn loan facility with the same pattern of reckless spending? I thought COVID-19 was meant to reset our brain
Chukwunonso201 Share the money 🇳🇬 So with all the Papers qualifications you ppl don't know the common sense to generate revenue that can handle all ur spending year in year out 🤣🤣🤣🤣🤣 I don tire for my people.... Give and take government. nassnigeria and MBuhari I think they want to take all the money and go in 2023
Almajiri politician Ds assembly has high experience dan all other assembly put together in approving loan.withing a minute d approval is obtain Clueless administration They are there to approve loans abi So annoying NGRSenate heartless politicians, NGRPresident misplaced of priority individuals. Only if Nigerians are ready to Occupy Abuja and say no to this Association of Professional Criminals. God bless Nigeria 🇳🇬
This shouldn't stand, especially in this year of the great economic depression as a result of the global pandemic. This is evil! Thank God for giving us MaziNnamdiKanu BiafraExit God Sava us What is the difference between loan and facility? Why the complicity? God help Nigeria from the on foreseen This is all they do inside the red and green chambers.
RIP Nigeria 🇳🇬 Rubber stamp Those that approved the money it will never ever be well with your households, your children children's will Die Untimely Death. Wait o... I non understand again, who youna dey leave these loan for, leaders of tomorrow when youna use sars block gate Follow I’ll follow back 💯
Why not, since their BRIBE MONEY, has been included? RENOVATIONS OF NASS COMPLEX. A SIGNAL TO ALL THAT THEY ALL MUST RECEIVE THEIR WAGES, WITHOUT THE WORN ARGUMENT OF SHORTFALLS IN REVENUES. ONLY THE COMFORTABLE DREAM OF RENOVATION IN DRASTIC ECONOMIC DOWNTURN. ASSU, LABOUR .... Scratch my back I scratch ur back govt
Looters that came to steal and destroy Borrowing money to feed the North. I don't think that will solve the problem. There is no integrity in the leadership of the national assembly. All their leaders are thieves June just land .. na rape we still dey hear .. now another billi billi.. opor !!! The bag is large
Sinzu money 💰 See as dem be😏 Ndi oshi😞 Nigeria leaders are nothing but pure Army Robbers.This people has nothing to offer poor masses of this nation but just to enrich themselves with $billions of dollars. Nigerians really need to wake up...let wipes this people off our land may God gave us strength to swipe them out
At this rate, if Buhari asks for law to enable third term....these people would pass it in a jiffy. Why is this government borrowing everyday? Where is the said Abacha loots discovery? God please help the youth from this set of people Nigeria government is failure to world and jubrin burhari with his cabals are fraud master to the masses. Stop stealing Nigeria money. Please future will TELLS. Bad government.
Give it any name or call it whatever you like, Loan, facility, supports, at the end it all boils down to borrowing money. It would have been nicer if you put up Nigeria for auctions. That's another $28.2bn again, thank God that my children are not Nigerian citizens If worst come to worst, they will remain in Canada forever. Stupid leaders leading blind and weak youths
Another cash out God has to punish these people here on Earth before they die 💔😥😡😠 I hail oh..... Our value system self, or is it only a few people they thought 'scale of preference' in secondary school? Zoo country called Nigeria. No wonder they fought Saraki to the end! So painful National assembly complex built with 13.6 billion is to be renovated with 27 billion naira.
What do they mean loan for facility and budget? Is there any of Buhari's request that the haven't approved ? Rubber stamp senate Rubber-stamp senate God will kill àll the evil politicians in this country before the end of the year. Now the 8th national assembly is the best!! Fuck all these senators!! Fuck all these lawmakers from the state level to the federal level.. Na una senatorial District dem suppose dey konk una ogor, whyp una 2 by 2!
History is not going to be kind to these people NGRPresident NigeriaGov SPNigeria femigbaja SERAPNigeria what better explanation can we get from these reckless borrowings that can't be done once and for all and how do we repay this frightening debts when we don't even see the proper use of these monies? I weep for us!
Legendary criminals These 3 are the enemies of this Country. Lawan will be remembered as one of those that destroyed this God forsaken country Borrow borrow make me rich Imagine borrowing money to spend Jesus Christ! We need an Educated President 😭 Scratch my back I scratch your back. Naija we ain't morning any forward
If he borrowed for good wahala.All nations in the planet borrowed for good infrastructure i_amGbemi 🚶🚶 Can there be a worse nass than this? Where is Nigeria heading to with this National Assembly make una see weitn Bukola Saraki they block when he was Senate president. Buhari is willing to borrow money from beggars from what is going on.
Wetin dey wan use d money for exactly Only God knows what this people are doing with all this money Association Of Past Criminals. APC I hate waking up to news like this🙄😑 Can u all see that it's not only Buhari is sick, 99.9% of those in the national assembly claiming to represent you'll are the ones who needs mental check up. No normal being will keep aiding and abetting a so obvious ticking time bomb of an incompetent president like Buhari
This is the reason he said Saraki was an obstacle At the appropriate time, they will all be held responsible for role they played in destroying this country. None of them will escape it I have been assigned as one of those that will judge them on judgment day... Pls send me my share RevolutionNow That's the solution...
Have you people price Nigeria first ? Please Nigeria 🇳🇬 government should have a public holiday (Happy loan day) Wow! So quick..... All the looted abacha funds that was been returned where is the money and now you still collecting loans is Nigeria not a joke. Only this year, this administration has borrowed, $22.7b + $5.5b + 856b($2.4b)= $30,600,000,000 debt only this year. They had donations to finance covid19 both local & international, yet! Our foreign reserves have stopped growing, no diversified economy, misplace priorities...
I'm running out from this zoo called Nigeria. Do me a favour: pls help retweet. Thank you. Secure ur car from theft Monitor the activities of ur driver Recover your stolen car Listen to conversations in and around your car With just a tap on your smart phone. I'm just a DM away Abacha loot they recovered what did they do with it They can't be accountable for the loan they collect God save Nigeria
assemble senathief Waooow Putin Nigeria into a big mess Rubber and things Let us know when we go start the contribution to pay the debt...That's the next. All these loans that the govt normally request for literally do not fulfill the purpose it was meant for. Even the so called loan supervision and monitoring is below satisfaction.
Another cash out The reason why Saraki and Melaye were voted out. So that loans could be granted anytime Chai Owo wo Igbo. Money enter bush 😂 These people just keep approving without asking questions! What has Buhari done with the funds he's been borrowing since the past 3 years? 22.7bn or $? For renovation...
See their faces. Hmmmmm Nah this one they go approve... My country is a big JOKE 🃏 What are they using all this money for, God come nd save us all, Nigeria is at Rick's ...hopeless, useless, aimless... Rubber stamp sheep's I am suspecting this country is going to be sold by this man How will Nigeria pay back these loans? What are they using as colleteral?
They wan use loan and kee the future generations.. Herds of mad people spending with recklessness Whoever becomes president in 2023 will really suffer oo...where will the person start from sef. I'm not saying anything. I've stopped being a Nigerian a long time ago. Follow us here O! We follow back. Let's grow together
Continue Rubber stamped assembly Thief's Like this I follow you Omo what's the future of this country That's why Biafra should come oo Paddy paddy government Thieves How we won take settle this matter now? Nigeria my country... I hail ooo 🙌🙌🙌 Una wan buy manchester united?🙄 We have really suffered. This man is just borrowing with reckless abandon
This 9th assembly is all about approving money,that’s why they’re not throwing chairs Nd carry mace... Sinzu spending Follow I Follow back
BREAKING: Reps approve Buhari’s $22.7bn loan requestSinzu money strikes again Awon werey Ok oh .. congrat🙌
Senate approves FG’s $5.51bn external loan request – Daily TrustThe Senate has approved the $5.513bn external loan request by President Muhammadu Buhari. One day we believe Nigeria will stand on her fit as Nation. Sinzu I see you 'Robber' stamp Senate 😃😃
House Of Representative Approves President Buhari’s $22.7bn Loan Request | Sahara ReportersHouse Of Representative Approves President MBuhari’s $22.7bn Loan Request | Sahara Reporters The lawmakers approved the request at Tuesday’s plenary after... HouseNGR NGRPresident READ MORE: MBuhari HouseNGR NGRPresident The approval was actually for additional $5bn bringing the total loan taken by Buhari to $22.7bn total in 5 years - average crude oil price sold by PMB $40/barrel. Your hero collected $35bn loan in 6 years - average crude oil sold by GEJ $100/barrel. MBuhari HouseNGR NGRPresident Sharp sharp MBuhari HouseNGR NGRPresident Did we send this ppl tho represent us or the interest of the president, how will you just be approving loans anyhow, what’s going on!!
BREAKING: Senate approves Buhari’s $5.513bn external loan requestThe senate on Tuesday approved President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget... Sultaanaliyu I tell u sharp sharp him go approve am That's what rubber stamps do! This fuelless generator is a new source of power that is completely safe, free and efficient, the durability and design is Top notch. This generator, unlike every other generator doesn't have an engine which consumes fuel/gas and makes noise. You can contact us on (07032949264)
BREAKING: Reps okay Buhari\u2019s $22.7billion loan, as Southeast, Northeast lament exclusionThe House of Representatives has approved President Muhammadu Buhari's request to borrow $22.7billion from external sources. The House Committee on Supply approved the loan request following the consideration of the report by the House Committee on loans and debt management. It would be recalled that the report was slated for consideration earlier in February, however, Thief Na eh go kill this country finish, let them look for something else to discuss jari And there are Reps(?) from SE who can't protest. Who are the reps? The south easterners and north easterners don't they representatives? Are they all morons? Sitting there doing nothing. Can't they oppose the bill or request if its not favorable to their constituency.
COVID-19: Lagos Assembly reduces state’s 2020 budget to N920.5bnThe House also paid tributes to a former member of the Senate, who represented Lagos Central Senatorial District, Muniru Muse, who died