The House, therefore, called on President Umaru Yar’Adua to immediately halt the process of taking further foreign loans, as members complained that the government breached the Act of Debt Management Office (DMO) by failing to consult with the National Assembly before taking the loans.

The House told the Yar’Adua government not to take any further foreign loan without carrying the National Assembly along.

The government had, on Monday, secured a fresh loan of $195 million (about N28,665,000,000) from the World Bank, with an indication that $100 million would be used to combat malaria in the country while the remaining $95 million would be spent on the education sector.

The House said the loans taken by the government had now increased the Nigeria’s debt profile to $3.8 billion, wondering why the government took a loan just to fight malaria.

A member from Delta State, Honourable Halims Agoda, drew the attention of his colleagues to the new loan through a motion which expressed regret that the present government was in the process of abusing the debt forgiveness, which Nigeria enjoyed from its international creditors in 2005.

http://www.tribune.com.ng/24072009/news/news1.html