Monday, October 31, 2016

House of Reps to approve Buhari’s N12 trillion loan request

– President Buhari’s request to borrow
$29.9 billion (N12 trillion) to fund capital
projects in 2016-2019 will be granted
– The House of Representatives is seeking
means of funding the 2016 budget as well
the borrowing plan of the federal government
Majority Leader Femi Gbajabiamila
has reported about the plans of the House of
Representatives to consider and most likely
to approve President Muhammadu Buhari’s
request to borrow $29.9 billion (about N12
trillion) for capital projects in 2016-2019.
The news were made public during the event
called “Changing Lives through Grassroot
Support” in Lagos on Monday, October 31.

Mr. Gbajabiamila, who represents Surulere
federal constituency 1 and also is a member
of the All Progressives Congress (APC), said:
“Borrowing to finance infrastructural projects
is not an irresponsible act, Lagos State did
same and the concomitant development is
The House of Representatives will respond to
Mr. President’s requests in the interest of
Nigerians and quickly set the process in
motion for its committees to carry out
appropriate oversight functions on all project
executing agencies until 2016 budget is fully
implemented according to law.
Our interest in attracting federal presence to
our constituencies is same as Mr. President’s
resolve to keep his campaign promises so
Nigerians can be assured that both arms of
government will work harmoniously to bring
the country out of economic recession soon.”
Explaining the necessity of loans Mr.
Gbajabiamila said that it’s a common
practice for governments all over the world to
use borrowed money to drive their budgets.

The lawmaker added: “You have budget
deficits all over the world, even in the most
advanced democracies. You need that money
especially in the times of recession, you have
to borrow money to make money, so I don’t
have a problem with the borrowing.
If you look at the borrowing also, it has a lot
to do with the north-east, unless we want to
play ostrich and lie to ourselves. If you’ve
been to the north east, the devastation will
take a lot of money to rebuild that place to
what it was before.
As much as many people in the opposition do
not want us to talk about the
mismanagement of the past, there is a past
before the present, so reference must be
made to this.
Nigerians need to know depth of the rot we
inherited to appreciate what the APC is doing
to recover stolen funds and put the country
on a path of recovery.

Even though the identified stolen funds and
asset cannot be spent by government until
all court cases are dispensed, the APC is
continuing to work hard to stimulate the
More than 200 people received grinding
machines, sewing machines, hairdressing
equipment, generators, motorcycles, tricycles
and other equipment to overcome the
economic recession. Besides, 241
beneficiaries got N25,000 each.
Mr Gbajabiamila also hinted at more support
to come: “To those who are not privileged to
be part of this set of beneficiaries, be rest
assured that your turn will come.”

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