The House of Representatives has said it would ensure proper scrutiny of the N4.89trn which the regime of the President, Major General Muhammadu Buhari (retd.) planned to borrow in order to fund the 2022 budget deficit.
The Chairman, House Committee on Media and Public Affairs, Benjamin Kalu, stated 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 and Fiscal Strategy Paper presented to the House.
However, Kalu said the House would ensure adequate scrutiny after the details of the loans had been provided before considering it for approval.
He said, “There is a projected new borrowing of N4.89trn.
“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 N13.89trn, you have a makeup of total recurrence, non-debt of N6.21trn, personnel cost by MDAs at N3.47trn, and capital expenditure exclusive of transfers of N3.26trn.
“Special intervention recurrence amounting to N350bn and special intervention capital of 10bn.
“We are thinking these should be approved but subject to debate by the House.”