Nigeria: Reps Approve Fresh U.S.$1.5 Billion, €995 Million Govt Borrowing Plan

29 April 2021

The House of Representatives Thursday, approved the External Borrowing Plan of the Federal Government to the sum of over $1.5billion and €995million.

Besides, it 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 N107, 521, 496, 984. 00 (One Hundred and Seven Billion, Five Hundred and Twenty-One Million, Four and Ninety-Six Thousand, Nine Hundred and Eighty-Four Naira) only is for Personnel Cost, while the sum of N 56, 469, 218, 415, .00 (Fifty-Six Billion, Four Hundred and Sixty-Nine Million, Two Hundred and Eighteen Thousand, Four Hundred and Fifteen Naira) only is for Over Head Cost, and the sum of N 52, 655, 863, 832. 00 (Fifty-Two Billion, Six Hundred and Fifty - Five Million, Eight Hundred and Sixty-Three Thousand, Eight Hundred and Thirty-Two Naira) only is for Capital Project of the Federal Inland Revenue Service (FIRS) for the year ending 31 December, 2021".

The House also 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".

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