The Nigerian House of Representatives yesterday disclosed that Nigeria will pay back within seven years the $1 billion loan to be collected for the purchase of security hardware to fight against Boko Haram.
Chairman, House Committee on Finance, Hon Abdulmumin Jibrin, revealed that during an interaction with various stakeholders on the matter, it was discovered that the country would cough out about N30 billion annually for seven years before settling the debt.
He noted that the N30 billion start appearing in the nation’s budget from 2015.
The lawmaker explained that the country would pay N210 billion in repaying the loan, out of which only about N165 billion was for the actual loan, while N45 billion will be for interest, based on current official rate.
Jibrin said the Committees on Debts and Loans and that of Finance saddled with the responsibility of interfacing with stakeholders on the loan must ask some relevant questions on the issue.
According to the lawmaker, the committees were trying to establish the portion of the military hardware that would go to each security agency among other issues.
Jibrin who dismissed insinuation that the opposition in the House was working against the loan stressed that some of the security agencies did not even know what they would get from the equipment to be procured, hence the need to do a thorough job before coming to the House.
He requested the House to give them two weeks to conclude work on the loan, but Speaker Aminu Waziri Tambuwal directed them to present their report “latest by next Tuesday”.
Tambuwal said the House could not continue to wait as the matter was referred to the two committees long ago.
Tambuwal’s directive followed an observation by deputy leader Leo Ogor who noted that the two committees were delaying action on the request. The Senate had about a month ago approved the $1 billion loan.
Giving further explanation on the issue Jibrin told journalists that his committee has been working harmoniously with the service chiefs and other security agencies, saying the Senate had commenced work on the loan long before the House.
He said what delayed their work was the absence of service chiefs and finance minister from a session it organised before Sallah break, saying, however, that they sent their apologies.
The lawmaker dismissed claims that the delay was caused by the fact that he belongs to the APC, whose members kicked against the loan when the request was sent in July.
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