President seeks Senate's approval to borrow 1.3trillion Naira

Headline: President seeks Senate’s approval to borrow $7b

Byline: NAN

Active/National

Abstract: President Jonathan wants to borrow 1.3rillion Naira for some of his transformation projects

Picture Suggestion: GEJ

President Goodluck Jonathan on Tuesday in Abuja wrote a letter to the Senate President requesting approval to borrow about 1.3rillion Naira for pipeline projects.

The President said the request was coming under the medium term (2012-2014) external borrowing plan for these projects which were at various stages of finalisation.

“I present herewith a total external pipeline borrowing in the amount of $7. 9 billion or $2.4 billion a year. This being cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit.’’

The President asked the Senate President to note that the objectives of the projects conformed to the transformation agenda of the current administration and cuts across various sectors of the economy.

According to the President, the initiatives are meant to put the economy on track through growth and employment.

He urged the Senate President to approve the list of pipeline projects for inclusion in the Medium Term (2012-2014) external borrowing plan of the Federal Republic of Nigeria.

Briefing journalists after plenary session, Senate Spokesman, Enyinnaya Abaribe (PDP-Abia), said the details of the request would be clearer when the Senate debated the matter.

“The request to borrow this money doesn’t mean Nigeria is broke. However, the details will be made known when we debate it on the floor,’’ Mr. Abaribe said.