Recession: Buhari sends $29.9bn foreign loan request to National Assembly

President Muhammadu Buhari has forwarded a request to the national assembly to approve borrowing of $29.96 billion external loans, to finance infrastructural projects between this year and 2018.

Senate President, Bukola Saraki, and the speaker of the house of reps, Yakubu Dogara, read the request separately during the Tuesday plenary.

Projects targeted in the borrowing plan spread across all sectors of the economy.

The components of the proposed loan, include project and programme loan ($11.27 billion), special national infrastructural project ($10.6 billion), euro bond ($4.5 billion), and federal budget support ($3.5 billion).

Meanwhile, the debt management office has cautioned the presidency against borrowing more than $22.08 billion in 2017.

The debt office in its 2016 debt sustainability analysis report, said the proposed $22.08 billion loan, including new domestic borrowing of $5.52 billion and new external loan of $16.5 billion,  is to be sourced from local and foreign creditors.

Nigeria’s total debt portfolio hits $62 billion in 2014 from $47.6 billion in 2013, while the external loan was $9.52 billion.

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