House of Representatives Set to Approve President’s Loan Request, Says Deputy Spokesperson
Naijawebinfo reports that President Bola Tinubu has requested a loan of $2.2 billion from the parliament to fund the ₦9.7 trillion deficit in the 2024 budget.
The Senate has already approved the loan request, and the House is expected to debate and follow suit later in the week.
Speaking to Punch, Deputy Spokesperson of the House of Representatives, Philip Agbese, assured Nigerians that the House would approve the loan request without hesitation.
Agbese stated that the House would only approve the loan if it is intended for the execution of capital projects across the country, as stipulated in the President’s letter to the National Assembly.
“We will abide by strict standard procedures in considering this request,” Agbese said. “The relevant Standing Committees have already commenced scrutiny of the loan request ahead of consideration by the House.”
Apart from the fact that Nigeria’s total public debt currently stands at ₦136 trillion, Agbese justified the President’s quest to borrow more by highlighting the government’s prudence in managing public resources.
He pointed out that the current government has been investing in critical infrastructure, ensuring fiscal policies that safeguard taxpayers’ resources. Agbese also emphasized that past approvals were done after consulting with relevant stakeholders and experts, and the same procedure would be followed in this instance.
