Buhari Asks Senate To Approve $5.5bn Foreign Loans

Written by on October 11, 2017

The Senate on Tuesday received another letter from President Muhammadu Buhari seeking approval to borrow another $5.5 billion of foreign loans.

The letter was read on the floor of the Senate by Senate President Bukola Saraki, who, however, pointed out that the terms and conditions of the borrowings were unknown.

The presidency disclosed that the loan being sought was part of the 2016-2018 External Borrowing Plan of the Federal Government and was meant to finance capital projects in the 2017 budget and refinance maturing domestic debts.

A breakdown of the loan indicated that while $2.5 billion would be borrowed in the international capital market through Eurobonds for financing the deficit in the 2017 Appropriation Act, $3 billion would be sourced externally for the refinancing of maturing domestic debt obligations.

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