Reps Postpone Consideration of $22.7b Loan As Southeast Elite Petitions

The Speaker of the House of Representatives, Femi Gbajabiamila on Tuesday announced the postponement of the consideration of the report on the $22.7billion loan request by President Muhammadu Buhari.

The consideration of the request on the floor of the house was scheduled for Tuesday but, Speaker, Gbajabiamila said it had to be postponed as a result of ongoing consultations with the Minister of Finance, Zainab Ahmed.

He said the report will only be considered after a meeting with the minister on the loan request that is currently generating controversy.

The speaker made the announcement while speaking on a petition from ‘Southeast Elite’ presented by Henry Nwajuba.

While presenting the motion, Nwajuba said the ‘southeast elite are concerned over the loan. He noted that the group believes that the process of the loan is contradictory to the fiscal responsibility act and the Economic Recovery and Growth Plan of the current administration.

“Mr. Speaker, the ‘Southeast elite’ to intervene in the borrowing of $22billion, the procedure is against the norms, against the ERGP, the fiscal responsibility act and the debt management policy.”

“Your petition may take a while, I am in consultation with the minister of finance. I spoke with her this morning. The report was supposed to be on the Order paper, but I withdrew it, until I speak with the Minister.”

Adding jokingly, “It seems this $22.7bilion does not concern your people, only the elite. When you bring the petition from ordinary people from your constituency.”