The House of Representatives, on Tuesday, approved the request by the Federal Government to borrow over 974 million dollars from China Development Bank. This is coming following China-Exim Bank’s decision to reject Nigeria’s 22.8 billion dollars loan request earlier approved by the National Assembly.
Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion, titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan,’ for the legislative chamber to amend its resolution granting approval for the failed loan deal.
The lawmaker, while moving the motion, said, the green chamber notes that the 2016–2018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020.
He prayed the House to overturn its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.
The lawmakers unanimously granted the prayer.
