The Federal Government has said that the proposed amount of the 22.7 billion dollars requested by President Muhammadu Buhari in the External Borrowing Plan 2016 to 2018 would be invested in Infrastructure development and not consumption.
The Minister of Works and Housing, Babatunde Fashola, Minister of Finance, Zaynab Ahmed and Minister of State, Transport, Gbemisola Saraki made this known during a public hearing before the joint House committees.
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 dollar 25.7 trillion naira.
The 8th National Assembly had received the proposed projects for 2016 to 2018 Medium Term Rolling External Borrowing Plan put at 30 billion dollars.
The Minister of Finance said Nigeria that the country had a revenue generating challenge and stressed the need to invest in sustainable projects that would generate revenue.