Nigeria is to borrow about Seven point Nine Billion Dollars to enable it finance some Pipeline Projects currently at its various stages of completion in the country.
In a letter to the Senate for approval, President Goodluck Jonathan requested the lawmakers to include the amount in the 2012-2014 External Borrowing Plan.
According to President Jonathan, the projects were part of the special initiatives designed to put the country’s economy back on track through growth and employment activities of the Transformation Agenda of government.
The amount which will be borrowed at about two point six billion Dollars per annum is part of the cumulative facilities offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and the Indian lines of credit.
Meanwhile, the National Assembly says it would conclude work on the 2012 budget and pass the Appropriation Bill into law by the end of this month.
Chairman, Senate Committee on Information and Public Affairs, Senator Eyinnaya Abaribe dropped the hint while briefing Senate Correspondents in Abuja on Tuesday.
Senator Abaribe said Senate President David Mark had directed Senate standing committees to conclude work on the budget by Thursday and forward their submissions to the Senate Committee on Appropriation same day.
The Senate President believes that by next week, work on the budget would have be concluded and the harmonization committees of both the Senate and the House of Representatives would harmonize the budget so that it can be out by the end of February.
Also, the Senate has enjoined Nigerians have issues for discuss to channel them through the National Assembly in line with the objectives of the country’s constitution.
Abaribe was replying a question on the clamour for a Sovereign National Conference to address issues confronting the nation.
Commenting on agitations for the convening of a sovereign national conference, Senator Abaribe said the National Assembly was not against any group discussing any issue that is of essence to the country.
He said ‘If any person or group wants any alteration in the way of life or the constitution, the vehicle is the National Assembly that is composed of the representatives of the people’, adding that ‘nothing has happened that had not been discussed.
Expressing his concern over those agitating for the convocation of a national conference, the Senate Spokesman said Nigerians have the right to send any bill on any matter that is in the best interest of the country through their representatives in the National Assembly.
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