N4.89trn Fresh Loan: Lawmakers List Conditions For Approval

The House of Representatives has listed conditions under which the lower federal chamber would give its approval to the fresh loan request of N4.89 trillion made by President Muhammadu Buhari for the implementation of projects across the country.

This is even as the House pledged that it would scrutinise the fresh loan request.

Benjamin Kalu, the Chairman, House Committee on Media and Public Affairs, made this assertion on Thursday during a media briefing after plenary.

He said, “There is a projected new borrowing of N4.89trn.

“We are looking at approving it on the condition that there is the provision of the details of the borrowing plan and where it is going to because it was reflected in the MTEF.

“Now, when you break down this proposed expenditure for 2022, which is at N13.89trn, you have a makeup of total recurrence, non-debt of N6.21trn, personnel cost by MDAs at N3.47trn, and capital expenditure exclusive of transfers of N3.26trn.

“Special intervention recurrence amounting to N350bn and special intervention capital of 10bn. We are thinking these should be approved but subject to debate by the House.”

It would be recalled that the Federal Government, in a letter to the National Assembly, sought an appeal to borrow N4.89trn domestic and foreign loans to finance the 2022 budget deficit of N5.62trn.

This was contained in the highlights of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper presented to the House.

Nonetheless, Kalu noted that the House of Representatives will ensure the loan request is debated amongst the lawmakers before ratification.

Comments

937 People Killed In Attacks In Kaduna In 2020

At least 937 people died in violent attacks and mass atrocities in Kaduna State last year, an annual security report by the state government has shown. The report released Wednesday attributed the deaths to kidnappings, banditry and other criminal activities that cut “across all ethnic and religious groups” in Kaduna State. “Victims of criminal acts like banditry and kidnapping are to be found across ethnic, religious or political leanings and persuasions,’’ Samuel Aruwan, the state’s commissioner for internal security and home affairs, said while presenting the report. In his presentation, Mr Aruwan said that of the 937 killed, Igabi Local Government Area recorded the highest number of casualties (152), followed by Kajuru Local Government Area with 144 casualties. He added that Birnin Gwari, Igabi, Giwa and Chikun local governments in Kaduna central accounted for about 50 per cent (or 468 deaths) of the entire fatalities in the state. Meanwhile, 286 died in Kaduna South from the viole...

Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission.

President muhammedu Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission One of Magu’s lawyers, Tosin Ojaomo, said Magu remained in the service of the Nigeria Police Force though the police has yet to post him anywhere after his suspension as EFCC chairman. Ibrahim Magu’s fate remains uncertain five months after the submission of the report of the Justice Ayo Salami Judicial Panel of Inquiry on the former acting chairman of the Economic and Financial Crimes Commission to President Muhammadu Buhari. There have been concerns about the fate of Magu after the appointment and confirmation of Abdulrasheed Bawa as the new Executive Chairman of EFCC in February. Although sources in the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the panel faulted some procedures in the management of recovered assets under Magu, the presidential white paper on the report had yet to be announced. One of Magu’s lawyers, Tosin Ojaomo, s...

$114.28m COVID-19 loan: SERAP asks World Bank to make Nigeria ‘publicly commit to transparency’

Socio-Economic Rights and Accountability Project, (SERAP) has sent an open letter to the World Bank President Mr David Malpass, urging him to use his “good offices to encourage the Federal Government and 36 state governments to publicly commit to transparency and accountability in the spending of the $114.28m credit and grant for COVID-19, which the Bank’s Board of Directors recently approved for Nigeria, including by publishing details on a dedicated websit". SERAP also urged Mr Malpass to “put pressure on authorities and the 36 state governors to accept voluntary scrutiny by Nigerians and civil society regarding the spending of the funds and use of the resources, including on how they will spend the money to buy medical equipment, and improve access to clean water, sanitation and hygiene" The World Bank Board of Directors last Friday approved a $114.28 financing “to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state level...

ExtMedia

Search This Blog