|House of Representatives|
It said that the approval was in spite of the nation’s rising debt profile.
Recall that both chambers 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.
Rep. Abdulrazak Namdas, the Chairman of the House Committee on Media and Public Affairs, told newsmen that “we approved the loan because we believe that the President is a man of his words and will utilise the funds for the projects earmarked”.
He said that the House after studying the projects outlined to be executed with the proceeds of loan realised that they are 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, they had no option than to approve the request.
“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. ”
He also explained that the nation was just recovering from recession and there was need to inject more money into the economy to rejig it adding that the terms and conditions of the loan were favourable and not injurious to the nation.
“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.”
Namdas 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.”
Some of the projects to be funded with the loan are the Mambilla Hydropower project, construction of a second runway at the Nnamdi Azikiwe International Airport, counterpart funding for rail projects and the construction of the Bode-Bonny Road, with a bridge across the Opobo Channel. SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>