Jonathan seeks $1.6bn fresh external loan

[DT]

President Goodluck Jonathan has sought a fresh external loan of $1.6 billion from foreign institutions. Jonathan, in a letter addressed to Senate President David Mark, said he was seeking amendments to the 2012-2014 Medium Term External Borrowing Plan.  Earlier this month, senators had knocked Jonathan for seeking parliamentary approval for $7.9 billion external loan to finance some pipeline projects, saying he was leading the country into a debt trap.

In the letter read yesterday on the floor of the Senate, Jonathan said he would like to include $200 million water supply project being planned for Rivers State which, according to him, will be financed by the African Development Bank to provide potable water supply "to residents in Rivers State".

Jonathan said he was also seeking $300 million for a low-income housing scheme, saying the scheme would be financed by the World Bank to support the provision of affordable houses for Nigerians.

Daily Trust