L
LequteMan
Guest
President Muhammadu Buhari has written to the National Assembly, seeking the approval for a $29.96bn external loan in the 2016 -2018 borrowing plan, which is meant to address the huge infrastructural deficit in the country.
The proposed borrowing include Projects and Programmes loan of $11.274billion, $10.686billion for Special National Infrastructure Projects ,$4.5billlion Euro Bonds and $3.5billion as Federal Government Budget Support.
“The total cost of the projects and programmes under the Borrowing (Rolling) Plan is $29.960bilion made up of Proposed Projects and Programmes loan of $11.274billion Special National Infrastructure Projects $10.686billion Euro Bonds of $4.5billlion and Federal Government Budget Support of $3.5billion,” he said in a letter written to the National Assembly.
”Considering the huge infrastructure deficit currently being experienced in the Country and the enormous financial resources required to fill the gap in the face of dwindling resourced and the inability of our annual budgetary provisions to bridge the infrastructural deficit, it has become necessary to resort to prudent external borrowing to bridge the financial gap which will largely be applied to key infrastructure projects namely: power, railway and roads project among others,” he said.
Speaker of the House of Representatives, Yakubu Dogara, who read the letter during plenary on Tuesday, said the matter would be discussed by the house on Thursday after lawmakers must've digested the letter.
The proposed borrowing include Projects and Programmes loan of $11.274billion, $10.686billion for Special National Infrastructure Projects ,$4.5billlion Euro Bonds and $3.5billion as Federal Government Budget Support.
“The total cost of the projects and programmes under the Borrowing (Rolling) Plan is $29.960bilion made up of Proposed Projects and Programmes loan of $11.274billion Special National Infrastructure Projects $10.686billion Euro Bonds of $4.5billlion and Federal Government Budget Support of $3.5billion,” he said in a letter written to the National Assembly.
”Considering the huge infrastructure deficit currently being experienced in the Country and the enormous financial resources required to fill the gap in the face of dwindling resourced and the inability of our annual budgetary provisions to bridge the infrastructural deficit, it has become necessary to resort to prudent external borrowing to bridge the financial gap which will largely be applied to key infrastructure projects namely: power, railway and roads project among others,” he said.
Speaker of the House of Representatives, Yakubu Dogara, who read the letter during plenary on Tuesday, said the matter would be discussed by the house on Thursday after lawmakers must've digested the letter.
