President Buhari writes National Assembly, requests approval to borrow $6.926bn

President Buhari writes National Assembly, requests approval to borrow $6.926bn

- The president says China's Export and Import (EXIM) bank has agreed to borrow Nigeria about $5.8bn to modernize the Lagos-Kano railway line

- He also said the World Bank has approved around $500m to help Nigeria resettle Internally Displaced Persons (IDPs) in the northeast

- World Bank, the President's letter says, also approved another $500m for social security for Nigerians in order to end the economic recession

President Muhammadu Buhari has written the National Assembly requesting approval to borrow $6.926billion.

In the letters written to both the House of Representatives and Senate, the President said the $6.926bn was for modernisation of railway lines, rehabilitation of northeast and expansion of social safety net for Nigerians in this harsh economic period.

READ ALSO: UPDATED: If Buhari dies, I will kill 200 people - Police officer

The letters were read by Senate President Bukola Saraki and Speaker Yakubu Dogara in the respective chambers of the bi-camera legislature.

President Buhari requests approval to borrow $6.926bn

President Buhari wants the borrowing approved quickly in order to help Nigeria get out of recession.

The Presidency said it needed $6.926bn for railway modernisation, rehabilitation of northeast and expansion of social safety net programme

According to the letter, China EXIM Bank has approved USD5.851bn as a loan for rail modernisation.

Also President Buhari said the World Bank has provided $575m to assist the federal government in the speedy execution of projects which will enable reconstruction of northeast and job creation in the region.

READ ALSO: US, UK, France helped Buhari defeat me – Jonathan

This needs to be approved by the National Assembly.

Also requested for is approval of additional $500million World Bank loan for social safety net programme which was started in January 2017 but needs to be expanded as additional resources in addition to the 2017 budget estimate.

Meanwhile, NAIJ.com gathered that President Muhammadu Buhari was again missing at the meeting of the Federal Executive Council (FEC) held at the Presidential Villa, Abuja on Wednesday, April 26.

The meeting is being presided over by Vice President Yemi Osinbajo, following Buhari’s absence.

The cabinet had awaited the president's arrival until the state house chief of protocols suddenly stepped in at 11.00am and whispered to Osinbajo to move on with the meeting.

Source: Naij.com

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