$22.7 billion loan request meant for infrastructure

The federal government has said the $22.7 billion requested by President Muhammadu Buhari in the External Borrowing Plan (2016 to 2018) would be invested in Infrastructure development and not consumption.

Minister of Works and Housing, Babatunde Fashola, Minister of Finance, Zaynab Ahmed and Minister of State, Transport, Gbemisola Saraki, made this known in a public hearing before the joint house committees on Tuesday.

The house committees are Aids, Loans and Debt Management, and Rules and Business.

According to the Debt Management Office, Nigeria’s Total Public Debt Portfolio as at June 30 stood at $83.88 billion (₦25.7 trillion).

The 8th National Assembly had received the proposed projects for 2016 to 2018 Medium Term (Rolling) External Borrowing Plan put at 30 billion…

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