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NIGERIAN PRESIDENT SEEKS LEGILSLATURE’S APPROVAL TO BORROW 29.9 BLN USD

Nigerian President Muhammadu Buhari has forwarded requests to the National Assembly to approve his external borrowing plan amounting to 29.96 billion US dollars for the execution of key infrastructural projects across the country between 2016 and 2018.

The president also requested for virement of 180.8 billion Naira (about 594 million USD) in the 2016 Budget for provision of needed allocations for some sectors.

He made the requests in separate letters to the Senate President, Dr Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara, which were read on the floor of both chambers on Tuesday.

Buhari, in the external borrowing plan, explained that targeted projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.

Other sectors included poverty reduction through social safety net programmes and governance and financial management reforms, among others. He said the cost of the projects and programmes under the borrowing plan is 29.96 billion USD.

This is made up of proposed projects and programmes loan of 11.274 billion USD, Special National Infrastructure projects 10.686 billion USD, Euro bonds of 4.5 billion USD and Federal Government budget support of 3.5 billion USD.

He explained that the loan was very necessary in view of the serious infrastructure deficit in the country. He said the country had a huge infrastructure deficit and enormous financial resources were required to fill the gaps in the face of dwindling resources.

Source: NAM NEWS NETWORK.