Reps will scrutinise N4.89tn borrowing, others – Kalu | Dailytrust

Reps will scrutinise N4.89tn borrowing, others – Kalu

House of Representatives

The House of Representatives has vowed to subject the planned N4.89 trillion borrowing in the 2022 budget and others to proper scrutiny when it is presented to the National Assembly.

The House’s spokesperson, Benjamin Kalu (APC, Abia), disclosed this while briefing journalists on the activities of the House on Thursday.

The federal government had proposed to borrow N4.89trn domestic and foreign loans to finance the 2022 budget deficit of N5.62trn.
This is contained in the highlights of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper(FSP) presented to the House of Representatives.

But Kalu said the House would only approve it when the executive provide details of how and where the funds borrowed will be spent.

“There is a projected new borrowing of N4.89 trillion.

“We are looking at approving it on the condition that there is the provision of the details of the borrowing plan and where it is going to because it was reflected in the MTEF.

“Now, when you break down this proposed expenditure for 2022, which is at N13.89 trillion, you have a makeup of total recurrence, non-debt of N6.21 trillion, personnel cost by MDAs at N3.47 trillion, and capital expenditure exclusive of transfers of N3.26 trillion.

“Special intervention recurrence amounting to N350 billion and special intervention capital of 10 billion.

“We are thinking these should be approved but subject to debate by the House,” he said.