Indication emerged yesterday that recession is closing in on the crescendo as President Muhammadu Buhari has asked the National Assembly to approve his administration’s external borrowing plan of $29.960bn for the execution of key programmes and infrastructural projects across the country.
According to him, the fund, when sourced, will cover projects between 2016 and 2018.
Details gathered also show that the President is seeking legislative approval for virements totalling about N180.8bn in the 2016 budget to cater for needed votes by some sectors of the economy.
Both requests in two separate letters to the Senate President, Bukola Saraki, and Speaker of the House of Representatives, Yakubu Dogara, which were read to lawmakers in both chambers of the National Assembly at plenary yesterday.
