President Muhammadu Buhari has represented to the House of Representatives the 2016/2018 external borrowing plan which was not approved by the 8th Assembly. In a letter from the President read on the floor of the House at resumption of plenary on Thursday by the Speaker, the President said the approval of the borrowing plan will enable the government fund some of the projects listed in the plan.

He said only the North East development plan and the China Exim bank funded Lagos to Ibadan rail line were approved by the 8th Assembly He 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 in August 2016 under the 2016 external borrowing plan. 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.

Details shortly…

With reports from The Nation