Pres. Buhari writes Senate, seeks approval for $5.5bn foreign loans

President Muhammadu Buhari has written to the Senate, seeking approval for $5.5bn 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 on Tuesday.

The letter read in part, “Accordingly, the Senate is requested to kindly approve the following external borrowings: Issuance of $2.5bn in International Capital Market through Eurobonds or a combination of Eurobonds and Diaspora bonds for the financing of the Federal Government of Nigeria’s 2017 Appropriation Act and capital expenditure projects in the Act.

“Issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of $3bn for refinancing of maturing domestic debts obligations of the Federal Government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of these opportunities for funding.

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