SENATE APPROVES BUHARI $5.5BN FOREIGN LOAN REQUEST
Written by Kaka Saratu Poga on November 14, 2017
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.