The House of Representatives, on Tuesday, approved President Muhammadu Buhari’s loan request of 5.8 billion dollars and grant of $10 million.
The lawmakers’ gave the approval sequel to the adoption of the recommendations encapsulated in the final report of the House Committee on Aids, Loans and Debt Management on the proposed 2018–2020 External Borrowing (Rolling) Plan No.3 presented by Hon. Ahmed Safana, considered at the Committee of Supply.
In his lead debate, Hon Safana explained that the loans which are part of the Federal Government’s 2018-2020 external borrowing plan are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.
He further explained that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project, $786,382,967 for the Gurara Phase II project among several others.
He said: “That the House do consider the final report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan.
“That the House do approve the under listed ongoing negotiation of external borrowing of $5,803,364,553.50 and a Grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan and a Grant component of $10,000,000 (Ten Million USD) under the 2018-2020 External Borrowing (Rolling) plan. Funding agency, World Bank (WB), German Consortium, Islamic Development Bank, China Eximbank, Bank of China, International Fund for Agricultural Development.”
However, the lawmakers tasked the Executive to ensure that the terms and conditions of the loan from the funding agencies are forwarded to the National Assembly for proper execution and commendation.
Also at plenary, the House passed through Third Reading some bills including: ‘A Bill for an Act to Repeal the Terrorism (Prevention) Act, 2011 (as amended) and enact the Terrorism (Prohibition and Prevention) Bill 2021, make provisions for offences relating to terrorism, prohibit the financing of terrorism and consolidate all acts relating to terrorism; and for related matters’; ‘’A Bill for an Act to repeal the Export Prohibition Act, Cap. E22, Laws of the Federation of Nigeria, 2004 and enact the Maize Export Prohibition Bill, 2021; and for related matters’; as well as ‘A Bill for an Act to Repeal the Public Enterprises (Privatisation and Commercialisation) Act, 2004 and enact the Public Assets Reform Bill, 2021 for improved efficiency and management of public assets in Nigeria; and for related matters.
In the same vein, the House passed through Second Reading a Bill for an Act to amend the Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service (Establishment) Act, Personal Income Tax Act, Stamp Duties Act, Tertiary Education Trust Fund (Establishment) Act, Value Added Tax Act, Insurance Act, Nigerian Police Trust Fund (establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance Control and Management Act, Fiscal responsibility Act; and for related matters.
The bill was passed barely 24 hours after the House Committee on Finance chaired by Hon. Abiodun James Faleke held the public hearing.
Recall that the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, spoke extensively on the proposed to introduce additional taxes and levies in the 2022 fiscal year.
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Reps approve $5.8bn external loan, $10m grant