The House of Representatives has indefinitely suspended the consideration of the $22.79bn external loan request by the President, Major General Muhammadu Buhari .
The House had listed the report by its Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing Plan as the last item for consideration on the order paper for Wednesday’s proceeding.
When asked to respond to the indefinite suspension of the loan request by the House, the Media Adviser to the Finance Minister, Mr Yunusa Abdullahi, said, “No comments please.”He had made this known in reaction to a member of the House, Mr Henry Nwawuba, who presented a petition by a group of South-East elite, against the consideration and approval of the external loan.
Some of the projects to be funded with the loans are the Nigeria Electricity Transmission and Access Project ; Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, and the Economic Reforms and Governance Project, renamed Fiscal Governance Project .Meanwhile, the Speaker on Wednesday named the committees that would interface with the Federal Government and other stakeholders on the falling prices of crude oil globally.
On Wednesday, Gbajabiamila said the House Committee on Appropriations chaired by Mr Aliyu Betara, should also be part of the interaction since the crude price would affect the national budget and the oil benchmark. Buhari was billed to get a report on Tuesday on what his regime could do to salvage the N10.59tn budget.
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