THE CURRENT NIGERIA GOVERNMENT BORROWING HIT $6.92 BILLION

This was revealed by the Speaker of the House of Representatives, Honourable Yakubu Dogara, when he read a communication from the president today, Wednesday, April 26. 


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Speaker Yakubu Dogara
The request for approval of 2016-2018 borrowing plan is broken down thus 

 A) Loan of $5.851billion from China EXIM Bank for rail modernisation 

 B) Speedy execution of projects which will enable reconstruction of the North East and job creation in the region (World Bank has provided $575million to assist the federal government) 

 C) Social safety net programme started in Jan 2017 needs to be expanded, and this will require additional resources in addition to the 2017 budget estimate, hence the president is seeking approval for a $500million loan to facilitate this. 

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