The House of Representatives, yesterday
explained why it approved the $5.5 billion loan request from the executive.
The green chamber said it was
because President Muhammadu Buhari is trustworthy and keeps to his words.
The national assembly 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.
Abdulrazak Namdas, the Chairman
of the House Committee on Media and Public Affairs, told newsmen on Thursday
that “we approved the loan because we believe that the President is a man of
his words and will utilize the funds for the projects earmarked”.
According to him, the House after
studying the projects outlined to be executed with the proceeds of loan
realised that they were 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.
“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.
“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.”
The lawmaker 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,” he
said.
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After the loan is utilized, how do u pay back. Pyling up debt for d younger generations. God go punish anybody wey try loot dat money. With all these monies, grass root still de suffer very badly. God is watching
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