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House Of Reps Postpone Consideration Of $22.7billion Loan

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House Of Reps Postpone Consideration Of $22.7billion Loan

The Speaker of the House of Representatives, Femi Gbajabiamila on Tuesday March 10th, 2020, announced the postponement of the consideration of the report on the $22.7billion loan request by President Muhammadu Buhari.

The consideration of the request on the floor of the house was scheduled for Tuesday but the Speaker, Gbajabiamila said it had to be postponed as a result of ongoing consultations with the Minister of Finance, Zainab Ahmed.

He stated that the report will only be considered after a meeting with the minister on the loan request that is currently generating controversy.

Mr. Gbajabiamila revealed this while speaking on a petition from the South East Elite presented by Henry Nwajuba.

While presenting the motion, Mr. Nwajuba said the South East elite are concerned over the loan. He noted that the group believes that the process of the loan is contradictory to the fiscal responsibility act and the Economic Recovery and Growth Plan of the current administration.

“Mr. Speaker, the South East elite to intervene in the borrowing of $22billion, the procedure is against the norms, against the ERGP, the fiscal responsibility act and the debt management policy.”

“Your petition may take a while, I am in consultation with the minister of finance. I spoke with her this morning. The report was supposed to be on the Order paper, but I withdrew it, until I speak with the Minister,” the speaker said.

“It seems this $22.7bilion does not concern your people, only the elite. When you bring the petition from ordinary people from your constituency,” he added.

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Teo-Inspiro International is a media production company that is changing the narrative by empowering young people with digital skills to showcase the beauty of Africa. We provide photography and video coverage for events, produce films and documentaries that tell the African story and organize training programs on camera handling.

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