News
Reps Abort Debate On $22.7bn Loan, As S’East Elite Petitions

The Speaker of the House of Representatives, Hon Femi Gbajabiamila, yesterday, 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 yesterday but 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 ‘South-East Elite’ presented by Henry Nwajuba.
While presenting the motion, Nwajuba said the ‘South-East 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 ‘South-East 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 will you bring the petition from ordinary people from your constituency?.”
Similarly, the Speaker of the House of Representatives, Hon Femi Gbajabiamila said, yesterday, that the nation is losing about 400,000 barrel of crude oil daily to crude oil theft.
The Speaker, who said this at a public hearing on crude oil theft, explained that money from crude oil stolen from the country would have been appropriated and used to improve the nation’s educational and health care system.
Gbajabiamila drew the attention of the public hearing to similar investigations carried out in the past, but lamented that the practice has continued unabated leading to huge financial loss to the country.
He, however, expressed confidence that the present investigation will go a long way to address the challenge in the sector.
The Chairman of the Ad-hoc Committee and Deputy Leader of the House, Hon Peter Akpatason, said the house delayed the investigation as a result of reluctance of some stakeholder to make available relevant information to aid the work of the committee.
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