Members of the House of Representatives have on Tuesday approved the request by President Muhammadu Buhari to source for N850 billion from domestic capital market.
The President in a letter to the House on Tuesday, 5th May, requested the loan which had already been approved in the 2020 appropriation act to be converted from external borrowing to local borrowing.
Today, the House Committee on Supply following the consideration of its report submitted by the committee chaired by the leader of the House, Hassan Ado Dogwa approved the request by the president.
Speaking on the report, Dogwa explained that the loan was not a new request, rather to convert an existing request from foreign sources to local sources.
“This item is already captured in the 2020 act. It was provided in the budget. All they want is to take the facilities from local sources.
“During the leadership interface with the Finance Minister, we were assured that the rate will be favourable, and the request was agreed at the leadership meeting.”
The lawmakers gave the approval two weeks after members of the upper chamber of the National Assembly granted a similar request of the President.
