President Buhari writes to Reps to approve 2016-2018 borrowing plan

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The Speaker House of the Representative, Hon. Yakubu Dogara, on Wednesday during plenary session read president  Muhammadu Buhari’s letter to the Reps members concerning a request to approve the federal government 2016 – 2018 borrowing plan. 

This was made known to newsmen through Hon. Dogara’s series of tweets in his handle. 

 In the letter Buhari informed the house that the China EXIM Bank has approved a request for a loan to execute the Lagos KM railway modernization project  (Lagos Ibadan segment) for $1.231billion and Lagos-Kano railway modernization project (Kano-Kadunna segment) for $1.146billion with the Coastal railway project (Lagos-Calabar segment) for $3.474billion. 

 He said the projects are all imminent. Similarly, he highlighted emergency projects earmarked for North-East in the 2016-2018 borrowing plan and thus stated that World Bank provided a sum of $575million to assist in reconstruction and rehabilitation efforts as well as the procurement of vaccines among other things. 

 He also informed the house that additional resources in addition to the 2017 budgetary allocation would be required to expand the Social Safety Net Programme (SSNP) which commenced since January this year and therefore sought early consideration of the proposed World Bank assisted $500million for this purpose. 

 According to him the totality of all proposed project would be $6.926billion and has been refereed to the House Committee on Loans Aid and Debt Management (LADM).Also forwarded from the president was the (draft) National Water Resources Bill, 2016, which seeks to establish a regulatory framework for water resources sector in Nigeria.

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