Politics
Agbese Explains Why House Of Reps Will Approve Tinubu’s $2.2 Billion Loan Request
Agbese Explains Why House Of Reps Will Approve Tinubu’s $2.2 Billion Loan RequestPhilip Agbese, the Deputy Spokesperson of the House of Representatives, has stated that the Green Chamber will have no difficulty approving President Bola Tinubu’s external borrowing request. According to Naija News, Tinubu submitted a request for a $2.2 billion loan through a letter that was read out by the Speaker of the House, Tajudeen Abbas.....KINDLY READ THE FULL STORY HERE▶
If granted, the loan will help cover the ₦9.7 trillion deficit in the 2024 federal budget. While the Senate has already approved the loan, the House is set to debate and approve it later in the week.
In an interview with Punch, Agbese indicated that the House would follow the Senate’s lead in approving the loan. He emphasized that as long as the funds are intended for capital projects, as outlined in the President’s letter to the National Assembly, the House would have no reservations in granting the request.
“The Tinubu-led administration has been responsible in managing our resources, and we will approve the loan request without hesitation,” Agbese stated. He also assured Nigerians that the House’s relevant Standing Committees have begun reviewing the loan request in preparation for its formal consideration.
Although Nigeria’s total public debt currently stands at ₦136 trillion, Agbese defended the loan request, pointing out the significant investments in critical infrastructure by the current government. He highlighted that the government has been prudent in its fiscal policies, which are designed to safeguard taxpayers’ resources.
Agbese further assured that, just like previous borrowing approvals, this request would be handled with due consultation with stakeholders and experts, ensuring that all necessary procedures are followed. “The situation will be no different this time,” he said.
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