House of Reps may clash over President Tinubu’s $2.2bn fresh loan Tuesday

A showdown looms in the House of Representatives this week between lawmakers elected on the platform of the ruling party and their opposition counterparts over the $2.2m (N1.77tn) loan request by President Bola Tinubu.

This is as the Deputy Spokesperson of the House, Mr Philip Agbese has declared that the Green Chamber will have no trouble approving external borrowing request from President Bola Tinubu, Deputy Spokesman of the Green Chamber, Congressman Philip Agbese has said.

President Tinubu’s loan request was contained in a letter transmitted to the parliament and read by the Speaker of the House of Representatives, Tajudeen Abbas, during Tuesday’s plenary.

If approved, the President said the loan would fund the N9.7tn deficit in the 2024 budget.

The Senate has already approved the loan request, with the House expected to debate same ahead of its approval later in the week.

Speaking exclusively with The PUNCH on Sunday, the Benue lawmaker who doubles as the Deputy Chairman, the Committee on Media and Publicity, advanced reasons the House will not hesitate to follow the footsteps of the Senate in granting the request of the President to borrow externally to fund the budget deficit.

According to him, the House will approve the loan request as long as it is meant for the execution of capital projects across the country as stipulated in the letter transmitted to the National Assembly by the President.

“The Tinubu-led government has been prudent with our resources. We will approve the loan request without hesitation,” he said, adding that the request will be treated in conformity with standing procedures.

“I can tell you that the relevant Standing Committees have commenced scrutiny of the loan request ahead of the consideration by the House. But I assure Nigerians that as their representatives, we will abide by strict standard procedures in doing our job as far as this request is concerned,” he said.

Debt burden

Although Nigeria’s total public debt currently stands at N136tn, Agbese justified the President’s quest to borrow more, saying, “The kind of critical infrastructure we have seen the current government investing their scarce resources on are encouraging. From the Honourable Minister of Finance to the Accountant General’s Office, we have seen fiscal policies that aim to safeguard taxpayers’ resources.”

He added that just as past approvals by the parliament were done in line with due consultation with other relevant stakeholders and experts, “The situation would not be different this time.”

On what has changed since the inauguration of the incumbent All Progressives Congress-led administration, Agbese who represents Ado/Ogbadibo/Okpokwu Federal Constituency of Benue State, noted that “the executive is enhancing our budget system in terms of priorities.”

While declaring that “it may not be far from the truth that past administrations took foreign loans to spend on disposables,” he insisted that “the 10th parliament is carrying out its oversight functions to see that every penny counts in the overall interest of our people.”

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