The Nigerian House of Representatives will take steps not to approve President Goodluck Jonathan’s request to borrow additional $7.9 billion (about N1.2 trillion) for oil pipeline projects, Minority Leader Rep. Femi Gbajabiamila (ACN Lagos) has said.
Speaking to newsmen in Abuja yesterday, Gbajabiamila said the money the president was seeking approval to borrow was never part of the 2012-2015 medium term expenditure frame work forwarded to the National Assembly late last year.
“When you add the $7.9 billion to $6 billion we are talking about $14 billion which takes us back to the Obasanjo’s days. This is outside the domestic debt profile. The collapse of the Greek economy should serve as a lesson”, the minority leader said.
“It is time to put a debt ceiling legislation in place to avoid a spend thrift government”.
He also berated the President for sneaking another budget request through “the back door” contrary to section 81 of the 1999 constitution which states that the budget proposal shall be laid on the floor of the House every fiscal year.
Jonathan’s move is coming few years after Nigeria exited the Paris Club in 2005 when $18 billion of its debts were cancelled while the government bought back $12 billion.
