buhari wants to borrow 30bn
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Buhari wants to borrow $30bn

Arab Today, arab today

Arab Today, arab today Buhari wants to borrow $30bn

The President of Nigeria Muhammadu Buhari attends a news conference with German Chancellor Angela after talks at the chancellery in Berlin, Germany
Abuja - Arab Today

Nigerian President Muhammadu Buhari has requested lawmakers to approve a plan to obtain $30 billion in foreign loans to finance key projects and plug budget deficits in the next three years.
Buhari sent a letter which was read on the floor of the House of Representatives in Abuja on Tuesday urging lawmakers to approve the loan to “ensure prompt implementation of the projects.”
He said the projects would cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and job creation and reducing poverty.
“The total cost of the projects and programs under the borrowing (Rolling) Plan is $29.960 billion,” he said, adding that the plans included the sale of Eurobonds worth $4.5 billion and budget support of $3.5 billion.
Buhari also said the loan was necessary “to bridge the financing gap,” adding the borrowing would cover 2016 to 2018 fiscal years.
Nigeria, which depends on oil sales for 70 percent of its government revenue, is struggling to fight its way out of a recession as a result of persistently low crude prices and the ongoing militant attacks in the oil-producing south.
Nigeria announced a record 6.1 trillion naira ($19.4 billion) spending plan for this year’s budget to try to stimulate growth and develop infrastructure.
While most of the plans in the 2016 budget are yet to be implemented, a draft of the 2017 budget of 6.866 trillion naira has been sent to parliament for approval.
Cash-strapped Nigeria has held talks with the World Bank, China and other institutions to fund a 2016 budget deficit of 2.2 trillion naira but so far only the African Development Bank has publicly confirmed a planned loan of $1 billion.
Nigeria’s economy is set to shrink in 2016 for the first time in 25 years, according to Bloomberg News.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

buhari wants to borrow 30bn buhari wants to borrow 30bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

buhari wants to borrow 30bn buhari wants to borrow 30bn

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 16:53 2016 Thursday ,16 June

Two policemen killed in Egypt's Sinai

GMT 12:54 2017 Saturday ,04 November

Canada: Amazon to add 1,000 jobs in Vancouver

GMT 07:12 2018 Sunday ,02 December

Putin accuses Ukraine of not wanting peace

GMT 08:09 2015 Tuesday ,22 September

Boeing planning China factory

GMT 22:04 2018 Friday ,12 January

Bahrain press headlines

GMT 14:25 2017 Wednesday ,27 December

China to bring paramilitary police force under military

GMT 22:41 2017 Tuesday ,03 January

Private wild animal ownership banned in the UAE

GMT 12:36 2017 Sunday ,10 December

France bids emotional farewell to rocker Hallyday

GMT 02:42 2016 Thursday ,22 December

UN Secretary-General Could Run in South Korea Elections

GMT 10:21 2017 Saturday ,11 November

PM arrives at Charsadda

GMT 09:42 2017 Thursday ,09 March

World’s heaviest woman looses 100kg after surgery
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday