Reps approve Buhari's request to borrow $22bn

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The House of Representatives has approved the request of President Muhammadu Buhari to borrow $22bn.

The lawmakers approved the request during plenary after the committee on aids, loans, and debt management gave its report.

 

 

The House of Representatives also rejected a motion seeking to suspend implementation of the 7.5% Value Added Tax, VAT Act in the interest of Nigerians owing to impacts of the COVID-19 pandemic.

 

The lawmakers in rejecting the motion said since the 2.5 increase in VAT was already an Act of the National Assembly, which has been signed into law, it cannot be suspended by a motion.

 

Chairman of the House Committee on Finance, James Faleke, had objected to the motion being moved and drew attention of the House to the fact that since the issue contained in the motion affects an existing law, it will be out of place to suspend it with just a motion.

 

Speaker Femi Gbajabiamila, who agreed with Faleke, said the issue contained in the motion has a commencement date, which can only be altered through a formal amendment bill.

 

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