Abuja—The Federal Executive Council, FEC yesterday, approved external three-year rolling borrowing plan. According to Minister of Finance, Kemi Adeosun, the borrowing plan, which will be transmitted to the National Assembly for its approval, will be concessional loans with interest rates at 1.25 percent, with four to seven year moratorium, 20 years to pay.

The Minister disclosed that the borrowings would come from agencies such as the World Bank, African Development Bank, China EXIM Bank, and other development agencies like Japanese International Cooperation Agency (JICA) and Eurobonds.

The declaration followed on the heels of the submission by the National Bureau of Statistics that the economy was technically in a recession.

But at the end of the Federal Executive Council Meeting presided over by President Muhammadu Buhari, the Minister of Finance, Mrs. Kemi Adeosun, admitted that though it was the worst possible economic season for Nigeria, the government was not confused about what to do in order to salvage the situation in the interest of Nigerians.

Adeosun said, “It’s the worst possible time for us. Are we confused? Absolutely not. How are we going to get ourselves out of this recession? One, we must make sure that we diversify our economy.” She cited the case of the Ministry of Solid Minerals, which had already procured a World Bank loan of $150million to enable it to strengthen its capacity and generate revenue from the sector.

Education Minister, Adamu Adamu, on his part, revealed that FEC approved contracts for the construction International House for the University of Ibadan (UI), which is a post-graduate hall, at the cost of N1.302 billion with a completion period of 44 weeks.

Also approved was contract for the reconstruction of the University of Lagos (UNILAG.) new library at the cost of N1.935 billion.

OreMI22:

All the gains of Obasanjo regime to get debt relief will be reversed by Oga President Buhari regime.

OreMI22:
So what if Obasanjo didn't get debt relief, where will the Dulllard borrow from?

We will soon hit the unsustainable debt limit.

All the gains of Obasanjo regime to get debt relief will be reversed by Oga President Buhari regime.

May God save us from a failed state we are approaching fast.

Joel3:
what of all the money they made from STAccount. afterall they made billions from tax, corruption, and oil. where are the money or APC has still not recover the money the spent for buhari election?

the buhari body oder only work for a month on resumption of office. after that everything got worsen to what it use to be in the past. the question is APC lying?

oduastates:


Nigeria can print naira you cannot print dollars.

All the naira Jonathan printed during for elections are still in circulation.
That is before all the naira printed during the oil boom .
You cannot just dump more naira into an already naira infested economy.
All it will lead to is more inflation.

What Nigerian needs even more than diversification, is a domesticated economy.
An economy in which your

1 Milk comes from a Nigerian diary.
2 your chicken comes from a Nigerian poultry
3 Cement
4 Roofing sheet
5 tomatoes paste
6 petrol etc
Yas long as the producers' priorities are not baking money in Swiss accounts and buying properties in London.
The Nigerian economy has to find her true level first of of all. All those MINT talk na wash.
You cannot expect to be OK if you are depending on the same 2 million barrels( now 1.5 Mil) of crude oil today like you had 30 years ago,even though your population has doubled.

SalC:
Greece loading.......

Federal borrowing republic of Nigeria.

With the debt already accumulated, i weep for this country.

basilo101:
yorubas borrowing to construct only in their region, they all hold on to the sinking system to "steal" and divert all projects to their region

GODKID98:
Other countries re securing their futures,bt d great leaders of our beloved Nigeria re eating ours through excessive borrowing!!!!

Ximonak:

Our children, children unborn would wake-up to pay debts for our sins without seeing what the money was used for.
Not a curse; just reality

abokibuhari:

you indeed a prophet!!!

onatisi:

Thank you bro. I can predict buhari from now till 2100, Nigerians still don't realize the massive mammoth problem they voted in as president. Beneath that fragile face lies a very ruthless being that will soon unleash itself on Nigerians very soon just wait and see