The House of Representatives Said it approved the 5.5 billion dollars loan request from the Executive because President Muhammadu Buhari is trustworthy and keeps to his words.
It said that the approval was in spite of the nation’s rising debt profile.
The Senate and the House of Representatives had on Tuesday approved the President’s request to borrow 5.5 billion dollars made up of 2.5 billion dollars to fund the 2017 Budget and another three billion dollars to re-finance the country’s domestic debts.
Abdulrazak Namdas, Chairman of the House Committee on Media and Public Affairs, told journalists that “we approved the loan because we believe that the President is a man of his words and will utilise the funds for the projects earmarked”.
A man of his words
He also said that 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, they had no option than to approve the loan.
“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. ”