They there agreed to meet with the with Finance Ministry and National Assembly over the revised
proposed projects under the Medium Term External Borrowing Plan of 2012 to 2014.
more stories after the cut ..
This is contained in a communiqué issued at the end of the Nigerian Governors Forum meeting in Abuja on Tuesday.
The Chairman of the NGF and Rivers State governor, Chibuike Amaechi, while reading the communiqué, said the decision was to enable the forum deliberate further with the ministry and the legislature.
The Minister of State for Finance, Yerima Ngama and some state Commissioners for Finance had defended their request for external loan of $7.9 billion before the senate.
The loan, named Medium-Term External Borrowing Plan (Revised), which spans from 2012 to 2014, is expected to be used for the execution of specific development projects.
Speaking to newsmen at the end of the meeting, the Anambra State governor, Peter Obi said that borrowing for development purposes was right. He said that it was wrong when borrowing was undertaken for consumption.
The Ekiti State governor, Kayode Fayemi also said that the Medium-Term External Borrowing Plan was in stages, adding that the Ministry of Finance and other relevant bodies had cleared some issues relating to it.
He said 'the National Assembly had been seating on this and some issues had come up and that is what we are trying to clear.''
Other governors in attendance include that of Abia, Ebonyi, Anambra, Enugu, Imo, Borno, Taraba, Bauchi, Gombe, Akwa Ibom, Kaduna, Jigawa, Kano, Kebbi, Zamfara, Kogi, Niger, Ondo, Adamawa, Kwara, Lagos, Ogun, Ekiti and Yobe.
Nigeria fell into a debt trap following borrowings of such manner described by the governors by various states in the country. It took just providence and clout of then Finace Minister, Dr. Ngozi Okonjo Iweala, to get Nigeria out of the stranglehold of th debt trap.
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