Home > Breaking news > Buhari Writes NASS, Seeks To Borrow N10trillion

Buhari Writes NASS, Seeks To Borrow N10trillion

President Muhammadu Buhari on Tuesday sought the approval of National Assembly to borrow $29.960 billion for proposed projects across the country. This was contained in a letter sent to the National Assembly by President Buhari. In the letter dated October 20, 2016, he said $11.274‎ was for different programmes, Special National Infrastructure Projects will take $10.686 billion, Euro Bonds of $4.5 billion and Federal Government budget support of $3.5 billion.

 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.”Meanwhile, former President Olusegun Obasanjo has said the only way out of recession of the nation’s economy was to increase the volume of trade internally and externally and the establishment of a commodity exchange to ensure stability in the prices of agricultural produce. Obasanjo made the suggestion in Abeokuta, Ogun State, during the opening of the 8th National Council on Industry, Trade and Investment currently holding in the state capital.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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