Jonathan asks Reps for permission to
borrow $4.4bn
By Luka Binniyat
ABUJA — President Jonathan Good luck, yesterday,
wrote the House of Representatives asking for
approval to borrow a total sum of $4.42 billion from
Development Partners to fund some on-going
projects.
Meanwhile, the House, yesterday, agreed to stand-
down the Anti-Terrorism bill after it came for
consideration during yesterday ’s plenary session,
due to some major flaws observed in the proposed
legislation.
The Speaker of the House of Representatives, Dimeji
Bankole, who read the letter on the floor of the
House, said he got the letter yesterday from the
President.
The President is asking for permission to borrow
$2.455 billion for Gas Pipe Line projects among
others.
The president in the letter said, “I write to draw your
attention to the 2010 External borrowing plan which I
forwarded to the National Assembly in April, 2010 for
your consideration along with the 2010 budget
proposals, which was graciously approved by the
Senate and the House resolutions 85 of Tuesday 27th
April, 2010 and 92 of Thursday 22nd April, 201o
respectively.
“The borrowing plan was segmented for purposes of
comprehension into three broad category namely,
projects that had been negotiated and those that
were being appraised as well as the pipeline projects/
programmes.
The sum total for the negotiated projects stood at
$1.854 billion and that of the appraised project was
$1,073.2 million while $2.415 billion represented the
sum of Pipe line Projects.
“ The category of projects come to a total of $5.242
billion.
“You may please recall that in consideration of the
2010 budget in conjunction of the afore-mentioned
borrowing plan, the National Assembly graciously
approved only the International Development
Association, IDA, component of the negotiated
projects in the sum of $915 million out of $1,073.2
million for appraised projects and $2.415 billion for
pipeline projects the entire balance now remaining
for National Assembly ’s approval is $4.427billion.
“There is no doubt that the approval given on the
component of the negotiated project would impact
tremendous on the provision of critical infrastructure
which the country is in dire need to jump start the
engine of economic growth and improve the living
standards of the citizens. ”
“Also, it is pertinent to add that the proposed loans
are highly concessionary credit facilities which the
country needs to access in order to develop our
infrastructure and create employment opportunities.
“ I have directed the Minister of Finance to effectively
monitor the various projects to ensure that the funds
are judiciously utilized and that there is value for
money ”, the letter concluded.

Nigeria worries me.

This money will surely go for campaign. Corruption of the highest order.

I smell a rat. If a 'project' like this was in the pipe-line, why waste billions on the anniversary?

slap1:

I smell a rat. If a 'project' like this was in the pipe-line, why waste billions on the anniversary?

You aint seen nothing yet. Add that to the Nigerian foreign reserve depletion and what you get is a spending spree with NOTHING to show for it

when will this senseless borrowing stop?

The fund may be used to pay Niger Delta terrorists to stay in the creeks and drink more kai kai

IS nnpc bankrupt?

JONNY & CO

INDEPENDENCE ANNIVERSARY IMPORTANT THAN DEBT AFTER.

By the time jonathan finishes his tenure as president,Nigeria would have been sold by then.

It's not the president's fault because we are just dependent on oil in making our yearly budget.That is why I will never single out IBB or any of our past leaders as the cause of our economic woes.IBB came to power when oil was at its lowest price and was trying out economic policies under IMF advise just like all our leaders will continue to do.The only solution is true federalism and resource control.

@slap1:May God bless you for that comment.

4.4 billion dollars is equivalent to 6.5 trillion naira, enough to build a nation.

Posted by: jude33084 Today at 01:55:40 PM

@slap1:May God bless you for that comment.

@ Jude, I second that motion!!!
I was never in any doubt that Jonathan is not the messiah we 've all been waiting for.
Nevertheless, i still rate him higher than any of the m.r.o.ons being touted by our northern brothers
as presidential candidates, for the nxt election. Which in itself, is saying something!