Champion News- Present Goodluck Jonathan yesterday asked the Senate to give go ahead to borrow another $7.9billion (N1.3trillion) from the World Bank to fund what he called ‘pipeline projects already at various stages of completion.
But Senate in swift reaction yesterday however said the planned borrow does not mean that Nigeria is broke.
President Jonathan in a two page letter to the Senate president senator David Mark read on the floor of the senate yesterday said he intend to spread the loan to three years at $2.4billion each year.
The letter which was made available to journalists yesterday 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.
"The loan would be sourced from world bank, African Development Bank and Islamic Bank, Exim Bank of China and India line credits. The pipeline projects are part of the external borrowing plane Medium Term for 2012 and 2014)".... Champion News
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