President seeks National Assembly’s approval to get $30B loan

President Buhari has appealed to the National Assembly to approve his decision to get a $30billion loan.

Nigeria's President Muhammadu Buhari looks on during a joint news conference with Cameroon's President Paul Biya in Abuja, Nigeria, May 4, 2016. REUTERS/Afolabi Sotunde

According to a report by Punch Newspaper, President Buhari asked the National Assembly to approve his administration’s external borrowing plan to enable him execute key programmes and infrastructural projects across the country.

In a letter to the Senate President and Speaker of the House of Representatives, Buhari made his intentions known on Tuesday, October 25, 2016 during a plenary session.

It was further reported that the fund will cover projects between 2016 and 2018.

In furtherance, the President is also seeking the approval of the legislators to the transfer of budgeted funds of N180.8 billion from an unspent appropriation category to another in the 2016 budget to cater for needed votes by some sectors of the economy.

Buhari,  made his second request in a separate letter to the Senate President, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara, which were read to lawmakers in both chambers of the National Assembly.

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