Nigeria seeks 9 bln USD borrowing plan

The Nigerian government Monday urged the House of Representatives to approve a 9-billion-U.S.-dollar external borrowing plan from 2012 to 2015. Finance Minister Ngozi Okonjo-Iweala made the proposal at a meeting with the House Committee on aid, loans and debts in the capital of Abuja. The minister said that the borrowing plan aims to support specific projects like housing, mortgage financing, agriculture and water supply in different states. A proposal for 200 million dollars has been made to support agricultural financing across the country, the minister said, and 44 million dollars was being sourced from the Islamic Development Bank (IDB) to upgrade hospital facilities in central north Kaduna State. In addition, a euro bond of 100 million dollars will be sourced to attract Diaspora investment in the country. The minister assured that the country's external borrowing profile was in good shape, adding that the Debt Management Office (DMO) was monitoring borrowing profiles in 36 states to avoid piling up debts. Nigeria has the lowest debt to GDP ratio in the world, according to the minister.