House summons AuGF over $36.1m World Bank loan

House summons AuGF over $36.1m World Bank loan

- The Nigerian parliament has expressed concerns about a world bank loan accessed by the federal government

- The House of Representatives on Tuesday, December 8 summoned a top federal government official over the loan

- The lower house of the National Assembly is keen on finding out the rationale behind the loan

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The House of Representatives committee on public accounts on Tuesday, December 8, summoned the acting Auditor General of the Federation (AuGF), Mr. Aghughu Adolphus.

Adolphus was asked to appear before the committee over the $36.1 million World Bank assisted fiscal governance and institution projects domiciled in his office.

The committee chaired by Hon. Wole Oke gave the order at the resumed investigation of the World Bank assisted loan.

ThisDay reports that a deputy director, Mr. Babalola Olanrewaju, who stood-in for the AuGF could not explain to the parliament the rationale behind taking the loan in the first instance.

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House Summons AuGF over $36.1m World Bank Loan
Critics of President Muhammadu Buhari have accused his administration of taking too many loans. Photo credit: @MBuhari
Source: Twitter

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Oke said:

“Let him come and brief us properly, it is a loan that will be paid back and the next ten years now, you will leave the service of the federation, your children and our children will be the one that will be repaying the loans to our creditors.”

In a related development, the federal government is seeking the National Assembly’s approval to access $1.2 billion agricultural loans from Brazil.

This was disclosed by the minister of finance, budget, and national planning, Mrs. Zainab Ahmed, when she appeared to defend the ministry’s 2021 budget before the House of Representatives’ committee on finance on Tuesday, November 3.

According to her, the federal government had forwarded the loan request to the National Assembly which is aimed at addressing issues in the agriculture value chain as Nigeria moves to make it another source of revenue.

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She said the government was planning to acquire 100,000 hectares of land in each of the 36 states for food production.

Meanwhile, the minister has revealed that the total public debts of Nigeria would hit N38 trillion by December 2021.

The minister disclosed this on Tuesday, November 3, in her presentation to the Senate committee on local and foreign debts.

According to her, the total public debt stock comprising the external and home debts of the federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as of June 30, 2020.

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