The Nigerian House of Representatives has approved Present Muhammadu Buhari’s request to borrow N850 billion from domestic capital market.
The Reps members gave their approval for the request during their plenary on Tuesday, May 12.
Buhari had in a letter to both the Senate and the House of Reps on Tuesday, May 5, requested that the loan, earlier approved in the 2020 appropriation act, be converted from external borrowing to local borrowing.
The Senate on May 5, after receiving the request, approved it.
But the Reps Committee on Supply, after considering its report submitted by the committee chaired by the leader of the House, Hassan Ado Dogwa gave their approval for the request.
Dogwa, during the consideration noted that the President was not making a request for a fresh loan but instead, asking that an existing loan be converted from foreign sources to local sources.
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“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,” he said.
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