FG seeks NASS approval to borrow N10tn

The Federal Government is seeking the approval of National Assembly to borrow $29.960 billion (N10tn) for proposed projects across the country.

The details of the request were contained in a letter sent to the National Assembly by President Muhammadu Buhari on Tuesday.

In the letter dated October 20, 2016, he said $11.274‎ was for different programmes, Special National Infrastructure Projects will take $10.686 billion, Euro Bonds of $4.5 billion and Federal Government budget support of $3.5 billion.

The letter reads: “I wish to refer to the above subject and to submit the attached draft of Federal Government 2016-2018 External (Rolling) Plan for consideration and early approval by the National Assembly to ensure prompt implementation of the projects.

“The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes and governance and financial management Reforms among others.”