By Nneka Nwogwugwu
The House of Representatives has approved fresh External Borrowing Plan of the Federal Government to the sum of over $1.5billion and €995million.
The House made the approval on Thursday.
The Vanguard reports that it also adopted a report of its Finance Committee, to issue from the Statutory Revenue Fund of the Federal Inland Revenue Service (FIRS) the total sum of N 216, 646, 579, 231. 00 (Two Hundred and Sixteen Billion, Six Hundred and Forty–Six Million, Five Hundred and Seventy–Nine Thousand, Two Hundred and Thirty–One Naira).
The House of Representatives also adopted its Committee on Aids, Loans and Debt Management report, laid by the Chairman, Rep. Ahmed Safana Dayyabu“on the Request for the Approval of External Loans to Finance the Priority Projects of the Federal Government and approve the External Borrowing Plan of $1,500,000,000 (One Billion, Five Hundred Million, United States Dollars) and Euro 995,000,000.00 (Nine Hundred and Ninety-Five Million Euros)”.
The House however entered a caveat: “that the terms and conditions of the loans from each Lender as contained in a duly executed Loan Agreements be forwarded to the National Assembly for proper documentation”.