Tuesday, October 25, 2016

Budget: Pres Buhari writes NASS to borrow $29.96bn external loan

 President Buhari today forwarded a letter to the National Assembly requesting legislative approval for external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018. 

The president also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some critical sectors across the 36 states of the federation and the FCT. President Buhari made the requests in two separate letters addressed to Senate President Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara. 

The president, in the external borrowing plan, explained that targeted projects cuts across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation. President Buhari in the letter, stated that the cost of the projects and programmes under the borrowing (rolling) plan is $29.960 billion. This is made up of proposed projects and programmes loan of $11.274 billion, Special National Infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.