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Probe into $500million Chinese loan Unnecessary- House of Reps

Enudi Golden by Enudi Golden
January 11, 2024
in News, Politics
Reading Time: 1 min read
Probe into $500million Chinese loan Unnecessary- House of Reps
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The House of Representatives on Monday stood by its decision to suspend activities of its standing and ad HOC committees, saying there was no hidden agenda.

The Peoples  Democratic Party had, on Saturday, asked the Speaker of the House of Representatives, Femi Gbajabiamila, to step aside for allegedly frustrating investigations into executive corruption.

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The Committee on Treaties had earlier been set up and was actively investing the $500m loan from China, a move which was faulted by the house of representatives saying that the Loan had already been approved by the national assembly.

But before activities of the committees were suspended on Thursday, the Committee on Treaties, Protocols and Agreements had written the Ministry of Transportation,  demanding documents containing loan agreements with China from 2000 to date.

Among the facilities the committee is probing is  the  $500m loan secured from China-EXIM Bank to finance railway projects under the Ministry of Transportation.

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