Nigeria needs to borrow money to fund the 2017 budget house of representatives #

A very specific and timely topic!

Yes, you are correct. In 2017, the Nigerian government, led by President Muhammadu Buhari, needed to borrow money to fund the 2017 budget. The budget was N6.06 trillion (approximately $16.4 billion USD), and the government had to borrow to cover the shortfall in revenue.

The House of Representatives, which is the lower chamber of the Nigerian National Assembly, played a crucial role in the budget process. The House approved the 2017 budget in May 2016, after which it was sent to the Senate for further consideration.

The borrowing plan was part of the budget proposal, which included a request for a N2.36 trillion (approximately $6.3 billion USD) loan from the World Bank, the African Development Bank, and other international financial institutions. The loan was intended to finance critical infrastructure projects, including power, transportation, and agriculture.

The borrowing plan was met with some controversy, with some lawmakers expressing concerns about the country's debt profile and the potential risks associated with borrowing. However, the government argued that the borrowing was necessary to stimulate economic growth and address the country's infrastructure deficit.

In the end, the House of Representatives approved the borrowing plan, and the government was able to access the loan to fund the 2017 budget.