NewsBuhari Writes Senate, Seeks Approval For $5.5bn Loan

Buhari Writes Senate, Seeks Approval For $5.5bn Loan

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BEVERLY HILLS, October 10, (THEWILL) – President Muhammadu Buhari has asked the Senate to approve a loan of $5.5 billion to fund the 2017 budget, which he said, had a deficit of N2.356 trillion.

This request for external borrowing was contained in a letter read by the Senate President, Bukola Saraki, during Tuesday’s plenary.

Part of the letter reads, “Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing domestic debts through the issuance of $3 billion Euro bond in the international capital market or through a loan syndication.

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“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.

“The Senate may wish to refer to 2017 appropriation Act which has a deficit of 2.356 trillion and provisions for near borrowings 2.321 trillion. The Act also provides for 1.254 trillion and external borrowing of 1.067 trillion about $3.5 billion. Issuance of $2.5 billion for financing the 2017 appropriation Act.”

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