House Deputy Spokesperson, Philip Agbese, said the Green Chamber had no problem approving the external borrowing request from President Bola Tinubu.
Naija News reported that Tinubu made the $2.2 billion loan request in a letter sent to Parliament and read out by the Speaker of the House of Representatives, Tajudeen Abbas.
If approved, the loan would cover the £9.7tn deficit in the 2024 budget.
The Senate has already approved the loan request, and the House is expected to hold a similar debate before approving it later this week.
Mr. Agbeth told Mr. Punch that the House of Representatives would follow in the footsteps of the Senate.
According to the Benue lawmaker, the House of Representatives will approve the loan application as long as it is for the implementation of nationwide capital projects as stipulated in the letter sent by the President to the National Assembly.
He said: “The Tinubu-led government has been prudent with our resources and we will not hesitate to approve the loan request.
“I would like to inform you that the relevant Standing Committee has commenced scrutiny of the loan application prior to its consideration in the House of Representatives.However, I urge Nigerians to follow strict standard procedures on behalf of Nigerians as far as this request is concerned. I promise to comply and carry out my duties.”
Although Nigeria’s total public debt currently stands at ₦136.6 trillion, Mr. Agbesu said, “we have seen the current government invest scarce resources to develop critical infrastructure.” “This is reassuring,” he said, justifying the president’s pursuit of further borrowing. From the Honorable Chancellor of the Exchequer to the Auditor General, we have seen fiscal policy aimed at protecting taxpayers’ coffers. ”
He added that just as past approvals by Congress were based on due consultation with other stakeholders and experts, "this time will be no different.”
