Reps Approve Buhari’s N1tr Loan Request

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The House of Representatives on Tuesday approved President Muhammadu Buhari’s request for an additional N1 trillion loan from the Central Bank of Nigeria (CBN).

This followed the adoption of a report presented by the House Committees on Finance, Banking, and Currency, and Aids, Loans, and Debts Management at the plenary.

The president had in December last year requested the National Assembly to approve the N1 trillion loan to be used for funding the 2022 supplementary budget.

The lower legislative chamber, however, deferred Buhari’s request for restructuring of the N22.7 trillion ways and means advances pending further deliberation between the executive and the committees on the matter.

In his remark at the plenary, the Speaker of the House of Representatives, Femi Gbajamialia, said the House would deliberate on the president’s request for the restructuring of the loan advances when the lawmakers returned from their recess at the end of February.

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