Buhari seeks approval of nass on external borrowing plan
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President Buhari Seeks Approval of National Assembly on External Borrowing Plan
President Muhammadu Buhari has written to the National Assembly (NASS) seeking approval for Nigeria's external borrowing plan, which aims to raise $5.5 billion from foreign sources to finance critical infrastructure projects.
The letter, dated March 25, 2023, was addressed to the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila.
According to the letter, the external borrowing plan is designed to support the country's economic development and diversification efforts, as well as to address infrastructure gaps in key sectors such as power, transportation, and healthcare.
The planned borrowings will be used to finance projects such as:
- Power sector reforms and expansion
- Transportation infrastructure development (roads, railways, and ports)
- Healthcare infrastructure development
- Education sector development
- Water supply and sanitation projects
The President's letter noted that the external borrowing plan is in line with Nigeria's Medium-Term Expenditure Framework (MTEF) and the National Development Plan (NDP), which aim to promote economic growth, reduce poverty, and improve the standard of living for Nigerians.
The National Assembly is expected to review and approve the external borrowing plan before the funds can be accessed.