How Reps Approve Buhar’s $1.5 billion, €995 Million Loans Without Seeing Terms & Conditions

The House of Representatives has left many Nigerians curiously by blindly approving loan requests without seeing terms and conditions.

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Nigeria Breaks New Bad Record Under President Buhari

The House of Representatives has approved a loan request submitted by President Muhammadu Buhari without seeing the terms and conditions of the loan.

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The green chamber had agreed with the senate, which had approved the government’s request for a $1.5 billion and €995 million loan to fund key priority projects last week.

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The loan was approved by the green chamber after the Committee on Supply considered the report of the House committee on supports, loans, and grants.

In May 2020, President Muhamadu Buhari wrote to the House of Representatives, seeking their permission to borrow the funds.

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After approving the loan, the lawmakers demanded that the executive submit the terms and agreements of the loans to the House.

“That the terms and conditions of each Lender’s loan be forwarded to the National Assembly for proper documentation in the form of properly executed Loan Agreements.”

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