Barely two weeks after President Goodluck Jonathan\u00a0 sought the approval of the Senate to borrow $7.9billion, Jonathan on Tuesday requested an additional borrowing of $200million in the 2012-2014 Medium-Term External borrowing Plan, from the upper chamber.<\/p>\n
Jonathan explained that the additional sum of $200million would be expended on water project for River State.<\/p>\n
He however assured that it would not increase the size of external borrowings.<\/p>\n
This was contained in a letter to the Senate President, Senator David Mark, and read on the floor of the Senate.<\/p>\n
Recall that the Senate had queried an earlier request of Jonathan for a $7.905bn foreign loan to service Pipeline Projects from 2012 to 2014.<\/p>\n
The Senators subsequently referred the loan request to the committees on local and Foreign Debts and Finances directing both committees to get clear details of the projects items.<\/p>\n
However the letter for the additional request read \u201cI wish to refer to my earlier letter in respect of the above subject and to inform you of two amendments to the 2012-2014 Medium-Term External Borrowing plan.<\/p>\n
“First, we would like to include a $200million water supply project being planned for River State. This project would be financed by the African Development Bank and shall provide potable water supply to residents of River State.<\/p>\n
\u201cSecondly, the federal government is currently developing a low-income housing finance facility to support the provision of affordable homes for Nigerians. This scheme will be financed using a $300million credit facility from the World Bank.<\/p>\n
The letter continued \u201cWe would like to swap this new $300million facility with the proposed guarantees for the power sector in the draft borrowing plan, thereby ensuring that we do not increase the overall size of loans proposed in the external borrowing plan.<\/p>\n
\u201cThirdly, we would like to bring to your attention, the fact that we need to issue a $1billion Euro Bond in continuance of the programme initiated under the administration of President Umaru Musa Yar\u2019Adua as well as a $100million Diaspora Bond.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Barely two weeks after President Goodluck Jonathan\u00a0 sought the approval of the Senate to borrow $7.9billion, Jonathan on Tuesday requested an additional borrowing of $200million in the 2012-2014 Medium-Term External…<\/p>\n","protected":false},"author":1,"featured_media":6432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-6427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n