In a letter addressed by the speaker of the house of representative, President Buhari seeks approval from National Assembly for an external borrowing of $29.9 billion.
According to reports, the above-requested funds is to ensure the prompt implementation of projects such as agriculture, education and water supply in Nigeria. In the letter which was read by Yakubu Dogara addressing the external borrowing the president says:
“Considering the huge infrastructure deficit currently being experienced in the country and the enormous resources required to fill the gaps in the face of dwindling resources and the inability of our annual budget reprovisions to bridge the infrastructure deficit, it has become necessary to resort to prudent external borrowing to bridge the financial gap which will largely be applied to key infrastructural projects such as power, railway and roads projects amongst others.”
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