The president said the need for government to augment funds in the federal coffers was caused by renewed militant activities in the Niger-Delta.
In a letter dated October 20, 2016 and addressed to Senate President Bukola Saraki and Speaker Yakubu Dogara, Buhari also sought the approval of National Assembly to borrow $29.960 billion for proposed projects across the country.
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The letter reads: “I wish to refer to the above subject and to submit the attached draft of Federal Government 2016-2018 External (Rolling) Plan for consideration and early approval by the National Assembly to ensure prompt implementation of the projects.
“The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes and governance and financial management Reforms among others.”
The most viable option now is the virement of appropriated funds from heads or sub heads that may be fully utilized before the end of this fiscal year.