By Umar Muhammad Puma
The House of Representatives has that it approved President Mohammadu Buhari’s request to obtain foreign loans amounting to $5.5 billion, because they have confidence that it would be put to good use.
Chairman House committee on media and public affairs , Rep Abdulrazak Namdas started this while briefing journalists at the National assembly media centre.
He also said the lawmakers were also moved by the need to sustain the nation’s recent exit from economic recession, specific projects for which have been outlined to be funded, including completion of the Mambila power plant.
“Some people are saying that the coming out of recession is still slim. We don’t want to slip back into recession, we want to be certain that we are out, and so we saw the need to approve the request”, Namdas said.
On whether the continuous borrowing does not amount to mortgaging the future of the country, the lawmaker argued that borrowing should not be seen as out of place, if done in good faith, and not used for the wrong purposes.
“Borrowing is part of development, and we believe with President Buhari, it will be put to good use”, he said, stressing that the House will ensure effective oversight to see that the loan is properly applied.