Recession: Buhari Seeks National Assembly Approval To Borrow $30 Billion

Recession: Buhari Seeks National Assembly Approval To Borrow $30 Billion

By Abdul Jummai | Politics Reporter on October 25, 2016
Amnesty Rann Bombing Nigeria's President Muhammadu Buhari
Nigerian president Muhammadu Buhari gives an interview to Agence France-presse at his hotel during the 25th African Summit on June 14, 2015 in Johannesburg. | Mujahid Safodian/AFP/Getty Images

Nigeria’s President Muhammadu Buhari has asked the National Assembly to approve his administration’s external borrowing plan of $29.960bn for the execution of key programmes and infrastructural projects across the country.

The fund will cover projects between 2016 and 2018, the Punch reports.

The president also sought legislative approval for virements totalling N180.8 billion in the 2016 budget to cater for needed votes by some sectors of the economy.

Buhari made both requests in two separate letters to the Senator Bukola Saraki, the president of the Senate, and Yakubu Dogara, the speaker of the House of Representatives, which were read to lawmakers in both chambers of the National Assembly during plenary on Tuesday, October 25, 2016


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