IPP - House Moves to Stop Govt From $1.5 Billion Loan

Some folks need a course in Finance 101 …

Daily Trust

21 October 2011

IPP - House Moves to Stop Govt From $1.5 Billion Loan

The House of Representatives yesterday moved to stop the Federal Government from accessing a $1.5 billion facility to enable the Independent Power Producers (IPPs) purchase equipment and services from the United States of America.

Coming under matters of national importance, the lawmakers said collecting the $1.5 billion concessionary loan by Nigeria from the US will take the country back to the dark days of huge debt burden.

But Speaker Aminu Waziri Tambuwal directed the House Committee on Power to make some preliminary investigations and guide the House before debating the matter on Tuesday next week.