The House of Representatives says it is in agreement with the request by President Muhammadu Buhari to seek for an external borrowing of $5.5 billion.
Speaking with newsmen on Thursday, the spokesman of the House, Mr. Abdulrazak Namdas (APC, Adamawa), said that the House approved the loan because President Buhari is a man of his word.
Namdas assured the public that the House will monitor the utilisation of the loan, adding that it would not want a situation where the nation will slip back into recession.
His words: “We approved the loan because President Buhari is a man of his words and we’ll supervise the execution of the capital projects.
“The Mambilla hydro power project is another major pointer and the loan has been captured in the 2018 budget as it will help to rejig our economy.
“Again another reason adduced to the endorsement of the loan is that we just survived recession and it will not be proper to go back to it.
“What I can assure you of is that with Buhari the money will be put into good use. By the approval, there will be more money in the circulation. We just have to spend to come out of the recession. We promised Nigeria that we will do what we ought to do. We will follow up and see how the money is being spent, whether they are spending the money according to what they said.
“If this borrowing will rejig the economy, why not? If it is done in the right way and is used for capital projects to generate jobs why not? The only way it will be bad is when the money is not put to good use.”
Recall that the upper Chamber of the National Assembly had this week approved the borrowing request.