The Nigerian President, President Muhammadu Buhari on Thursday, 28th November 2019, re-sent the $29.96billion 2016-2018 external borrowing plan to the Senate for its consideration and approval.
Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. The Debt Management Office has said out of Nigeria’s total debt profile of N25.7trillion as of June 2019, external borrowing accounts for about 32 per cent while the 68 per cent is domestic.
Buhari had asked the 8th Assembly to approve his plans to borrow the amount abroad to fund infrastructure plans from 2016 to 2018.
According to the President’s letter, the total cost of implementing the projects is $29.960billion consisting of Projects and Programme loan of $11.274billion.
Others are Special National Infrastructure Projects of $10.686billion, Euro Bonds of $4.5billion and Federal Government Budget Support of $3.5billion.
The letter also revealed that the projects and programmes were selected after positive technical economic evaluation and presumed contribution to the socio-economic development of the country.