Nigeria: 'Yar'Adua Dragging Country Into Debt Cycle'

Abuja — President Umaru Musa Yar'Adua is trying to drag Nigeria into another debt cycle with the planned borrowing of $4 billion from the African Finance Corporation to invest in the planned generation of 6,000 megawatts of electricity in 18 months, says the House of Representatives Banking and Currency Committee.

At a meeting with the House Committee, Tuesday, the Chairman of the Revenue Mobilisation and Fiscal Allocation Commission (RFMAC), Alhaji Hamman Tukur, told the members that the Federal Government intends to borrow $4 billion to pay for the power project.

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