President Buhari writes Senate for approval for 5.5billion dollars foreign loans

President Muhammadu Buhari has written to the Senate, seeking approval for 5.5billion dollars external borrowings.
The request was contained in a letter to both chambers of the National Assembly, which was read by the Senate President, Bukola Saraki, at the plenary.
According to the letter, the Senate is requested to approve the issuance of 2.5billion dollars in International Capital Market – ICM through Eurobonds or a combination of Eurobonds and Diaspora bonds for the financing of the Federal Government’s 2017 Appropriation Act and capital expenditure projects in the Act.
It further requested issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of 3billion dollars for refinancing of maturing domestic debts obligations of the Federal Government.
The President concluded by saying he looks forward to the timely approval of the National Assembly to enable Nigerians take advantage of the available opportunities for funding.

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