President Muhammadu Buhari has written the Senate to seek approval for external loan of $5.5 billion.

He made the request in a letter read on the floor of the Senate on Tuesday.

In a letter read by the Senate President, Bukola Saraki, the President explained that the fund will be channelled towards funding capital projects in the 2017 budget and refinancing maturing domestic debts.

“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,” the letter read.

“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.”

Details later…

Azeez