Senate Approve Jonathan’s Request For $915m World Bank Credit

ABUJA, April 27, (THEWILL) - The Senate has toed the path of the House of Representatives to pass the request by Acting President Goodluck Jonathan to borrow the sum of $915 million (N137.3 billion) as loan from the World Bank.

The $915 million is to finance some aspects of the deficit in the 2010 budget for critical projects including Urban Water and Transport, Human Capacity Development and Power infrastructure projects across the country.

Jonathan last week sent a letter to both chambers of the National Assembly requesting for approval to secure the loan which he said is to be used to finance the deficit in the budget for the funding of critical developmental projects.

He also sent a 235 page Summary of 2010 External Borrowing Plan of Government to the legislature.

The Acting President in the letter entitled "Summary of 2010 External Borrowing Plan of Government", explained that the fund would be used for developmental projects including Urban Water and Transport, Human Capacity Development and Power Infrastructure projects across the country.

The letter which was read on the floor of the Senate reads in part; "The World Bank Portfolio of the facilities totaling $915 million out of which $179 million would be drawn in fiscal 2010, is of particular essence as it would be deployed to Urban Water and Transport, Human Capacity Development and Power infrastructure projects across the country."