Wednesday, 26 October 2016

Buhari sets to plunge Nigeria into $30bn external debt

Nigeria’s President Muhammadu Buhari is set to borrow $30 billion for infrastructural projects across the country. The fund is meant to cover projects between 2016 and 2018.

The president has already asked the National Assembly to approve his administration’s external borrowing plan of $29.960bn for the execution of key programmes and infrastructural projects.

On Tuesday, president Buhari made both requests in two separate letters to the Senate President, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara.
During plenary, the two letters were read to lawmakers in both chambers of the National Assembly.

Also, Buhari is seeking legislative approval for N180.8bn virements in the 2016 budget to cater for needed votes by some sectors of the economy.

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