President Muhammadu Buhari on Tuesday sought the approval of National Assembly to borrow $29.960 billion for proposed projects across the country. This was contained in a letter sent to the National Assembly by President Buhari. In the letter dated October 20, 2016, he said $11.274 was for different programmes, Special National Infrastructure Projects will take $10.686 billion, Euro Bonds of $4.5 billion and Federal Government budget support of $3.5 billion.
The letter reads: “I wish to refer to the above subject and to submit the attached draft of Federal Government 2016-2018 External (Rolling) Plan for consideration and early approval by the National Assembly to ensure prompt implementation of the projects. “The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes and governance and financial management Reforms among others.”Meanwhile, former President Olusegun Obasanjo has said the only way out of recession of the nation’s economy was to increase the volume of trade internally and externally and the establishment of a commodity exchange to ensure stability in the prices of agricultural produce. Obasanjo made the suggestion in Abeokuta, Ogun State, during the opening of the 8th National Council on Industry, Trade and Investment currently holding in the state capital.