PRESIDENT Goodluck Jonathan Wednesday asked the House of Representatives to approve the balance of $4.43 billion being part of the country’s external borrowing plan for the 2010 fiscal year.
The Federal Executive Council, also Wednesday, gave the National Economic Council (NEC) two weeks to review the guidelines on borrowing.
The NEC, which is headed by the Vice-President, governors and the members of President’s economic team.
The National Assembly had earlier approved $915 million, of the $5.242 billion borrowing plan requested by President Goodluck Jonathan.
The President explained that the fund would be used to finance projects that had been negotiated and those that were being appraised as well as the pipeline projects/programmes.
According to a letter from the President read by House of Representatives Speaker Dimeji Bankole, the sum total for the negotiated projects stood at $1.854.71 billion. That of the appraised project was $1.073.2 million.
The sum of $2.415 billion represent is for pipeline projects, which cost $5.242 billion.
Jonathan said the country was faced with huge infrastructural deficit, which her annual budgets would not be able to address. The loans, he said, are highly concessionary.
He said: "You may please recall that in consideration of the 2010 budget in conjunction with the aforementioned borrowing plan, the National Assembly graciously approved the International Development Association (IDA) component of the negotiated projects in the sum of USD915 million out of USD1854.71, leaving the balance of 939, 71 for negotiated projects, USD1073.2 million for appraised projects and USD2415.0 billion for pipeline projects. The entire balance now remaining for National Assembly’s approval is USD4, 427.91 billion," the President stated.
Jonathan said he had directed Minister of Finance Dr. Olusegun Aganga to monitor the projects being executed with the earlier approved loan to ensure that the monies are judiciously utilised.
The Minister of State for Information and Communications, Labaran Maku, who briefed reporters after the FEC meeting, said the directive on borrowing was to make Nigeria borrow only for such projects that would have immediate impact on the economy.
Maku said: "The President said external borrowing must be tied to productive projects that will guarantee revenue, improved economic development, increased GDP, and increased employment.
I specialize in investigative reportage across several subject matter and sectors but mainly focus on metro events and investigation. Do leave your thoughts and opinion on my reports to let me know what you think about them. Thank you
Posted: at 15-10-2010 01:33 AM (13 years ago) | Addicted Hero
moniconyez at 15-10-2010 07:03 AM (13 years ago) (m)
OK am offline..............
Posted: at 15-10-2010 07:03 AM (13 years ago) | Hero
divineproject at 15-10-2010 12:05 PM (13 years ago) (f)
With the resources God deposited in our land, we arent supposed to be borrowing.......rather we should lend others.........but here we are borrowing........may God help us......Amen
A LITTLE HELP HERE; A LITTLE HELP THERE, MAKES THE WORLD GO ROUND!
Posted: at 15-10-2010 12:05 PM (13 years ago) | Hero
mezkaz18 at 15-10-2010 12:13 PM (13 years ago) (m)
Quote from: divineproject on 15-10-2010 12:05 PM
With the resources God deposited in our land, we arent supposed to be borrowing.......rather we should lend others.........but here we are borrowing........may God help us......Amen
DP you follow dey surpoprt him before ooo , I still remeber, which one una dey now I tell una say na d same
Posted: at 15-10-2010 12:13 PM (13 years ago) | Upcoming
WELL. WE all knows that Nigeria is a blessed country,the money being mentioned is not all that much that we can't provide them with all our mineral resources and otherwise. but i guess what we are talking about here is a physical cash to invest into something that will transform our dearest country Nigeria.for me am not against that...... if it is the will of God let it be done......let us pray.
Posted: at 15-10-2010 02:29 PM (13 years ago) | Newbie
With the resources God deposited in our land, we arent supposed to be borrowing.......rather we should lend others.........but here we are borrowing........may God help us......Amen
The resources are not sufficient for sharing
please do not distract and keep discussions along line of topic - make proper use of capit
Posted: at 15-10-2010 03:04 PM (13 years ago) | Gistmaniac
moniconyez
ekezieprince
terryworld
Chibarca
anemeje
nice9ija
mystangel
Pepesy
Emmymark
bafyguy
sagiru
divineproject
mezkaz18
I tell una say na d same 
Dguy
kayfem
TRENDING GISTS 
Jubilation in JUTH As 49 Year Old Woman Welcomes Quadruplets After 15 Years of Waiting
JNR POPE: AGN President, Emeka Rollas Speaks on Dragging Adanma Luke to Court
Comedian Sydney Talker Calls For Prayers For Ailing Singer Khaid
Davido Collaborates With UnitedMasters To Launch New Music Label
New Super Eagles Head Coach Will Be Announced in Two Weeks - Sports Minister Reveals
Nina Ivy Recounts Her Delivery Journey as She Celebrates Her Son’s 4th Birthday (Video)
Singer Portable Slams His Wife, Bewaji, For Excluding Him From Her Birthday Message To Herself
Banner Calling Out "Home Wrecker" With Her Face & Work Place Display On Plastered By A Roadside
How Bandits Storm Kaduna Community In Fresh Attack, Killed 23 Persons