Just In: Reps approve new $1.5billion, €995Million Federal Government external borrowing plan

The House of Representatives Thursday, adopted its Committee on Aids, Loans and Debt Management report, laid by the Chairman, Rep. Ahmed Safana Dayyabu“on the Request for the Approval of External Loans to Finance the Priority Projects of the Federal Government and approve the External Borrowing Plan of $1,500,000,000 (One Billion, Five Hundred Million, United States Dollars) and Euro 995,000,000.00 (Nine Hundred and Ninety-Five Million Euros)”.

The House however entered a caveat: “that the terms and conditions of the loans from each Lender as contained in a duly executed Loan Agreements be forwarded to the National Assembly for proper documentation”.

The house also adopted a report of its Finance Committee, to issue from the Statutory Revenue Fund of the Federal Inland Revenue Service (FIRS) the total sum of N 216, 646, 579, 231. 00 (Two Hundred and Sixteen Billion, Six Hundred and Forty–Six Million, Five Hundred and Seventy–Nine Thousand, Two Hundred and Thirty–One Naira).

Out of the sum, about N107Billion is for Personnel Cost, while about N56Billion is for Over Head Cost, and about N52Billion is for Capital Project of the Federal Inland Revenue Service (FIRS) for the year ending 31 December, 2021”.