Arab News

Buhari wants to borrow $30bn

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ABUJA: Nigerian President Muhammadu Buhari has requested lawmakers to approve a plan to obtain $30 billion in foreign loans to finance key projects and plug budget deficits in the next three years.

Buhari sent a letter which was read on the floor of the House of Representa­tives in Abuja on Tuesday urging lawmakers to approve the loan to “ensure prompt implementa­tion of the projects.”

He said the projects would cut across all sectors with special emphasis on infrastruc­ture, agricultur­e, health, education, water supply, growth and job creation and reducing poverty.

“The total cost of the projects and programs under the borrowing (Rolling) Plan is $29.960 billion,” he said, adding that the plans included the sale of Eurobonds worth $4.5 billion and budget support of $3.5 billion.

Buhari also said the loan was necessary “to bridge the financing gap,” adding the borrowing would cover 2016 to 2018 fiscal years.

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