President Buhari Extends Plan For External Borrowing Seeks Approval Of $29b Loan (Over N9trillion) From National Assembly

Nigerian President Muhammadu Buhari has extended plans to borrow from external/foreign sources in other to pull the country out of recession.


The president asked the National house to approve a loan of $29b as it plans embarking on key infrastructural programmes.

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The President who made the request in two different letters addressed to the house, stressed the money would be used to finance this years budget up to 2018.

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The President indicated that the loan became neccessary due to deficit the country is facing and earmarked the loan to be spent on the provision of infrastructure in agriculture, health, education, water supply, growth and employment generation, and poverty reduction through social safety net programmes.

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