Buhari sets to plunge Nigeria into $30bn external debt

Nigeria’s President, Muhammadu Buhari is set to borrow $30 billion for infrastructural projects across the country.

The president has already asked the National Assembly to approve his administration’s external borrowing plan of $29.960bn for the execution of key programmes and infrastructural projects.

Buhari made both requests in two separate letters to the Senate President, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara on Tuesday.
The two letters were read to lawmakers in both chambers of the National Assembly during plenary.

The fund is meant to cover projects between 2016 and 2018.
Buhari is also seeking legislative approval for N180.8bn virements in the 2016 budget to cater for needed votes by some sectors of the economy.