Buhari wants to borrow $30bn
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.