President Muhammadu Buhari has sent a letter to the National Assembly requesting the approval of an external borrowing plan of 29.6 billion US dollars for the execution of key infrastructural projects across the country between 2016 and 2018.
The letter was sent to both houses of the National Assembly and was read by the presiding officer in the Senate, Deputy Senate President Ike Ekweremadu.
The external borrowing plan is targeted at projects tied to infrastructure, agriculture, health, education, water supply, economic growth, employment generation and poverty reduction through social safety net programmes.
The president also requested for the virement or transfer of money from one subhead to another of one hundred and eighty point eight billion naira in the 2016 budget for the provision of needed votes for specific sectors.
The virement is to be moved from monies already appropriated for special Intervention programmes such as school feeding programme and N-Power for certain recurrent and capital items.
