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Jonathan seeks senate’s approval for $7.9bn loan – The Nation

President Goodluck Jonathan on Tuesday sought the approval of the Senate to borrow the sum of $7, 905, 690, 000, 00 to fund major projects in the country.
In a letter read by the Senate President, David Mark, Jonathan noted that the pipeline projects he intends to fund with the loan are at various stages of finalization.
He said that the total external pipeline borrowing of $7,905,690,000.00 or $2.64 billion a year is the cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and India lines credits.
Details of the pipeline projects were not disclosed in the letter by Mark, but sources said that the projects covered by these loan facilities include power, and general infrastructure development projects.
Jonathan informed the lawmakers that a number of special initiatives were designed to put the economy back on track through growth and employment activities geared towards the implementation of the transformation agenda of government.
He noted that a number of projects have been designed to create employment opportunities with a view to growing the economy.
Jonathan asked the Senate to note that the objectives of the projects conform with the transformation agenda of his administration and cuts across various sectors of the economy.
He also asked the Senate to approve the list of pipeline projects for inclusion in the Medium Term (2012-2014) External Borrowing Plans of the Federal Government.

One Response to “Jonathan seeks senate’s approval for $7.9bn loan – The Nation”

  1. Anonymous says:

    I really dnt know when our so called leaders will come to agree with d fact that Nigerians r not fools,anyone that is in d sit of power will wake up one morning and come with his own cock and bull stories on how to loot Nigerian money into his private account. Simply put Jonathan is a disappointment to this nation. Like he said in his word that d money is for building of infrastructures and creation new jobs,pipeline repairs and rebuilding etc,Im not against that. I known our leaders for one thing both present and past,they r good for unfinished projects. How long will him last in d office b4 his tenure expires and for how many years will this project last b4 it will b put in place? By d time they share d money amoung themselvies,David Mark will grant his request…and d money will b paid.


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