President Goodluck Jonathan yesterday sought the approval of the Senate  to borrow $7.905 billion  from the World Bank, Africa Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit.

Jonathan, informed the lawmakers of his intention, in a letter read on the floor of the chambers by Senate President David Mark. He said the money would be used to fund employment creation projects, in line with government’s transformation agenda.

The letter read: “I wish to inform you 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.

“In that regard, a number of projects have been designed to create employment opportunities, with a view to growing the economy. The Pipeline Projects are at various stages of finalisation.

“Therefore, I present herewith, a total external pipeline borrowing in the amount of US$7.905,690,000.00 or US$2.64 billion a year, being cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and India lines of credit”.

He reminded the Senate to note that the objectives of the projects “conform with the Transformation agenda of our administration and cuts across various sectors of the economy” and that the initiatives “are meant to put the economy on track through growth and employment”.

The president also asked the Senate to approve the list of pipeline projects for inclusion in the Medium Term (2012-2014) external borrowing plan of the Federal Government.

The Senate is expected to refer the request of the president to its committees on Appropriation and Finance, when it would be discussed at plenary this morning.


-Businessdayonline