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Rep okays FG’s $915m World Bank loan

By Tina Akannam
The  Chairman, House of Representatives Committee on Information and Communications, Alhaji Mustapha Habib, has defended the Federal Government over the $915 million loan it sourced from the World Bank last week, stressing that the loan will be use to boost power generation in the country.

Habib said this in Jigawa State stressing that the loan will be judiciously utilised.

He explained that the idea of collecting ”the loan is concessionary because it is virtually a interest-free loan, apart from the 10 years of grace, we will pay back the loan over 40 years with administrative charges of 1.2 percent every year.”

According to him: “We are taking this loan and we have been given 10 years grace before we start paying back. The fact is that the money will be used to finance part of the pipeline network for gas supply to the power generating plants in the country.”

He expressed disappointment that some lawmakers were opposing the loan in the name of opposition, when they knew that the nation needs this loan for a very important sector of the economy.

‘It is unfortunate some Nigerians feel that the loan is unnecessary at this point in time, even when the money will be used to supply gas to our gas power plants, which we hope will generate power and transmit it to the whole of Nigeria to make life better for Nigerians.”

His words “We are the majority party in national assembly, we are supposed to  speak on behalf of Nigerians not a few minority opposition parties in the House. We cannot be over shadowed by their baseless insinuations’.

The House committee chairman on information and communication then averred that Nigerians should appreciate that the whole idea of borrowing the money was to fill in the gap in the budget created by the deficit in the budget.


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