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Senate receives Buhari request for external borrowing

26 October 2016, 19:30

Abuja - President Muhammadu Buhari has requested the approval of the National Assembly of the 2016-2018 external borrowing plan of $29.96 billion.

A letter by Deputy Senate President, Ike Ekweremadu, disclosed the request.

The President said consideration and early approval of the plan would ensure prompt implementation of projects cut across all sectors with special emphasis on infrastructure, Agriculture, Health, Education, Water Supply Safety Net Programmes and Governance and Financial Management Reforms.

The borrowing plan 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 among others.

Also read: Buhari set to reshuffle cabinet after Aisha's outcry

The projects and programmes in the borrowing plan were selected based on positive technical economic evaluation as well as the contribution they would make to socio-economic development of the country, including employment generation, poverty reduction and protection of the vulnerable and poor segment.

The said projects and programmes will be implemented in all the 36 states and the Federal Capital Territory.

- CAJ News

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