We’ll make sure Buhari’s new loan request is thoroughly scrutinized – Reps

The House of Representatives has stated that the N4.89 trillion that President Muhammadu Buhari’s (retd.) administration planned to borrow to cover the budget deficit in 2022 will be thoroughly scrutinized.

Benjamin Kalu, the Chairman of the House Committee on Media and Public Affairs, stated this while briefing journalists on the House’s activities on Thursday.

The Federal Government proposed borrowing N4.89 trillion in domestic and foreign loans to cover the N5.62 trillion budget deficit in 2022.

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The highlights of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper presented to the House contain this information.

However, Kalu stated that after the details of the loans were provided, the House would conduct thorough scrutiny before voting on their approval.

“There is a projected new borrowing of N4.89 trillion,” he said.

“We are considering approving it on the condition that the details of the borrowing plan and where it will be used are provided because it was reflected in the MTEF.

“Now, when you break down this proposed expenditure for 2022, which is N13.89 trillion, you have a makeup of N6.21 trillion in total recurrence, N6.21 trillion in non-debt, N3.47 trillion in personnel costs by MDAs, and N3.26 trillion in capital expenditure exclusive of transfers.

“Special intervention capital of N10 billion and special intervention recurrence of N350 billion.

” We believe these should be approved, but subject to House debate.