February 15, 2012. President Goodluck Jonathan asked Senate to approve his request for an external borrowing in the amount of $7,905,690,000 (or $2.64 billion a year) for the construction of oil pipelines under the medium term development plan between 2012 to 2014. The loans were offered by the World Bank, African Development Bank, Islamic Development Bank, Exim Bank of China and Indian lines of credit. The projects for which the loan were sought were at various stages. He therefore, urged the Senate to approve the list of pipeline projects for inclusion in the medium term (2012-2014) external borrowing plan of the Federal Republic of Nigeria.