$30 Billion loan: Reps’ South-East Caucus Gives Buhari Conditions

senateNigerian Senate
  • Reps’ South-East Caucus Gives Buhari Conditions

The South East Caucus in the House of Representatives Thursday said they were unclear as to the intent of the Federal Government concerning the $29.9 billion foreign loan for which it seeks approval from the National Assembly.

The Caucus also said the controversial Sharia Bill is a Constitutional matter that cannot be sneaked through without the knowledge of lawmakers and vowed that the Caucus will be on high alert for the piece of legislation.

While addressing the press on matters relating to the economy, the Caucus leader, Chukwumah Onyeama, Deputy Minority Leader, said the information concerning the loan needs to meet the threshold of transparency.

“Details of the terms of the loans- duration cost, and application are unclear. Details of the loan utilization must be made available, to us to ensure geographical spread and relevance to current economic outlook with a view to Jon creation and inclusive growth for all sectors/ sections if the country.

“We therefore insist that as part of this country, the South East infrastructural deficit must be captured to ensure uniform development and inclusive growth.

Recall that the Senate had earlier in the week rejected the request of the Federal Government to borrow $29.9 billion foreign loan while the House is yet to debate the loan.

The Caucus while speaking on the economic situation downturn in the country said: “”We recognize that as our country goes through an economic recession which has resulted in the loss of jobs, decreased spending, more valence of hunger and uncertainty in the polity, we stand with our fellow Nigerians in this difficult period

“We urge the Executive Arm of Government to speedily formulate Fiscal and Economic Policies that will see an end to the present economic downturn.”

The lawmakers said that there is need for the President to brief the Legislature on the true state of the economy and his road map to economic recovery. “The urgency cannot be overstated at this time,” they said.

On the controversial Sharia Bill, they said: “the passage of the Sharia bill passing second reading. You all know gentlemen of the press that any matter that concerns the constitution will, must, in fact, let me use the word “shall”, pass second reading. Then it goes into committee where we are going to debate it.

“Now be rest assured that the people you see here (the caucus members) I’m sure you recognize all of them on the floor. They cannot sit there and… We’re waiting for it to come on the floor for debate that is when we can discuss this issue.”

The Caucus also condemned the killing of prominent Ndigbo in the FCT. “Arinze Vhikwem was brutally murdered in Kabusa with over 72 knife stabs. He hails from Mbieri Mbatoli LGA of Imo State.

“David Nkwazema was stabbed to death in Kuchigoro, he hails from Amakohia Ikeduru LGA of Imo State and Ikechukwu from Enugu State was beheaded at Apo by an Okada rider.

“We strongly condemn the gruesome murders of the three prominent Mdigbo in the FCT. We call on all relevant authorities including the Nigeria Police Force and the Judiciary to expedite action in bringing the culprits to book,” The lawmakers said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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