2016/2018 Borrowing Plan: Buhari Seeks Reps Approval

President Muhammadu Buhari is seeking approval of the House of Representatives to approve the 2016/2018 external borrowing plan.

It could be recalled that the plan was not approved by the 8th Assembly under the leadership of Yakubu Dogara.

In a letter from the President read on the floor of the House at the resumption of plenary on Thursday by the Speaker, Femi Gbajabiamila, Buhari said the approval of the borrowing plan will enable the government fund some of the projects listed in the plan.

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While noting that only the North East development plan and the China Exim bank funded Lagos to Ibadan rail line was approved by the 8th Assembly, the President said the remaining projects not approved are no doubt important to government policies and programmes as they relate to power, education, agriculture, education among others.

He said the projects to be funded under the borrowing plan were approved by the Federal Executive Council (FEC) in August 2016 under the 2016 external borrowing plan.

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He informed the House that he has directed the Minister of Finance to make herself available to provide necessary clarifications that may be needed for the House to pass approve the plan without delay.

More to come.

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