President Muhammadu Buhari has resent for consideration and approval the 2016-2018 external borrowing plan which was rejected by the 8th National Assembly.
The loan plan was approved by the Federal Executive Council in August 2016 and sent to the lawmakers in September 2016.
But the request to borrow $30billion abroad was rejected in November same year by the country’s national legislators who felt the plan would plunge Nigeria deeper into debt crisis.
Some loyalists of the ruling APC however believed that the rejection of the borrowing plan that was meant to fund infrastructure across the country was politically motivated.
But yesterday, President Buhari resent the request in a letter dated November 26, 2019 conveyed to the National Assembly, and read on the floor by the President of the Senate, Ahmad Lawan, during plenary.
President Buhari said in the letter that the 8th National Assembly approved only a part of the external borrowing request.
This, according to him, stalled the Federal Government’s implementation of critical projects spanning across the mining, power, health, agricultural, water and educational sectors.
The letter however did not explain how much the country would be borrowing.