Buhari Seeks Approval From National Assembly To Borrow $29.96bn

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President Muhammadu Buhari yesterday wrote the National
Assembly seeking for  approval to borrow
$29.960 billion externally for the 2016-2018 rolling plan.

He explained in the three-page letter dated October 20,
2016, addressed to Speaker Yakubu Dogara, that 
$11.274 billion is for special national infrastructure projects while
the sum of $10.686 billion is for Euro bonds of $4.5 billion and Federal
Government Budget Support of $3.5 billion.
Other projects listed in the borrowing plan include: $75
million for community and social development project, $125 million for Nigeria
States Health Programme Investment Project; $100 million for State Education
Programme Investment Project; $100 million for Nigeria Youth Employment and
Social Support Project and $50 million for FADAMA III Project respectively.
Seeking speedy approval, 
he said interventions and projects in the borrowing plan were selected
based on positive technical economic evaluations as well as the contributions
they would make to socio-economic development of the country including
employment generation and poverty reduction and protection of the most
vulnerable and very poor segment of the society.

“Considering the huge infrastructure deficit currently being
experienced in the county and enormous financial resources required to fill the
gap in the face of the dwindling resources and the inability of our national
budgetary provisions to bridge the infrastructure deficit,it has become
necessary to resort to prudent external borrowing to bridge the financing gap
which will largely be applied to let infrastructure projects namely: power,
railway, and road projects among others”, the letter read.

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