CHINESE LOANS: REPS PROBE PANEL POSTPONES HEARING
The House Committee on Treaties, Protocols, and Agreements has postponed the public hearing on Nigeria's loans and commercial agreements with China and other countries due to the absence of the Minister of Finance, Zainab Ahmed and other officials from the Debt Management Office.
The Chairman of the Committee, Nicholas Ossai argued that the panel cannot continue its investigation in the absence of the relevant agencies.
The hearing was therefore adjourned to next week Tuesday, August 25.
The House of Representatives probe is coming following concerns raised about Nigerian officials accepting loans without careful scrutinization of its terms and conditions.
READ ALSO: NIGERIAN OFFICIALS SIGN LOAN DOCUMENTS WRITTEN IN CHINESE, LAWMAKER CLAIMS
As of 2019, Nigeria's debt profile had risen to N24.4 trillion, according to the Debt Management Office.
The DMO said 68.18 percent of the debts are domestic and funds were borrowed to finance projects, fund budget deficits and meet maturing obligations.
READ ALSO: REPS SETS UP COMMITTEE TO INVESTIGATE COVID-19 LOANS GIVEN OUT BY CBN
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