Reps Approve $915m World Bank Credit As Opposition Kick

ASABA, April 22, (THEWILL) - The House of Representatives today gave hasty passage to the request by Acting President Goodluck Jonathan to borrow the sum of $915 million (N137.3 billion) as loan from the World Bank.

The passage came despite dissention from the opposition groups which saw the move as anti people and inimical to the economic health of the country.

The $915 million is to finance some aspects of the deficit in the 2010 budget for critical projects including Urban Water, Transport, Human Capacity Development and Power infrastructure projects across the country.

Jonathan on Wednesday sent a letter to the House requesting for approval to secure the loan, which he said, is to be used to finance the deficit in the budget for the funding of critical developmental projects.

He also sent a 235 page Summary of 2010 External Borrowing Plan of government to the legislature.

However, opposition group led by Minority Leader of the House, Mohammed Ali Ndume (ANPP Borno) staged a walk out from the chamber to oppose the resolve of the members of the ruling Peoples Democratic Party (PDP) to approve the request.

The opposition groups insisted that the new loan would worsen the hardship in the nation and mortgage its economic future.

They also expressed anger that lawmakers were not given enough time to study the 235-page ‘Borrowing Plan’ submitted to the House only a day before.

However speaking in an interview Ndume said the opposition kicked against securing the foreign loan on the ground that it is completely inimical to the economic and social well being of the country.

He described as flimsy the reason given by the Acting President who in the letter noted that Nigeria is in dire need of funds for the huge infrastructure deficit critical to rapid development.

Ndume insisted that the nation has no need for external loans adding that those who are pushing for the loan are doing so for their selfish interests.