SENATE APPROVES BUHARI $5.5BN FOREIGN LOAN REQUEST

The Senate has approved the request by President Muhammadu Buhari to approve Federal Government’s move to secure two external borrowings totaling $5.5bn.

The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debts at plenary on Tuesday.

Buhari, in a letter dated October 4, had said the external borrowings had been captured in the 2017 Appropriation Act, which has a deficit of N2.356tn and provision for new borrowings of N2.321tn.

The letter requested the Senate 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.