PRESIDENT Goodluck Jonathan, Tuesday, urged the Senate to grant him approval to borrow additional $200million in the 2012-2014 Medium-Term External Borrowing Plan.In a letter to the Senate President, Senator David Mark, and read to other Senators, Jonathan explained in the letter that the additional sum of $200 million would be spent on water project in Rivers State.
Jonathan’s request is coming barely few weeks after he had asked the Senate to approve the borrowing plan for $7.9 billion.
The letter read: “First, we would like to include a $200 million water supply project being planned for Rivers State. This project would be financed by the African Development Bank and shall provide potable water supply to residents of Rivers State.
“Secondly, the Federal Government is currently developing a low-income housing finance facility to support the provision of affordable homes for Nigerians. This scheme will be financed using a $300 million credit facility from the World Bank.
“We would like to swap this new $300 million facility with the proposed guarantees for the power sector in the draft borrowing plan, thereby ensuring that we do not increase the overall size of loans proposed in the external borrowing plan.
“Thirdly, we would like to bring to your attention, the fact that we need to issue a $1billion Euro Bond in continuance of the programme initiated under the administration of President Umaru Musa Yar’Adua as well as a $100 million Diaspora Bond.”
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