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House of Reps postpone $22.7billion loan consideration over Southeast group petition

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Femi Gbajabiamila, the Speaker of the House of Representatives on Tuesday, announced that it would postpone the consideration of the loan request by President Muhammadu Buhari.

Recall that President Muhammadu Buhari has requested for approval from the legislative arms to borrow the sum of $22.7billion

The speaker said the postponement was as a result of the consultation going on with the Minister of Finance, Zainab Ahmed. He further explained that since the loan is causing controversy, it will be approved after the ongoing meeting with the minister.

The announcement was made by the speaker when reacting on the petition from Southeast elite which was presented by Hon. Henry Nwajuba.

Henry Nwajuba who spoke on behalf of the group “Southeast Elite” queried that the process of the loan is contradictory to the Economic Recovery and Growth Plan of this current administration and also the fiscal responsibility act.

 “Mr Speaker, the ‘Southeast elite’ is to intervene in the borrowing of $22.7billion, because the procedure is against the ERGP, the norms, the debt management policy and the fiscal responsibility act”.

Responding to, the speaker said “Your petition may take a while; I am in consultation with the finance minister, adding that every report will come after I speak with the minster.

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