President Muhammadu Buhari has sought approval of National Assembly to $5.5 billion Foreign loan.
The letter was read on the floor by Senate President, Bukola Saraki, a week after the Minister of Finance, Kemi Adeosun claimed that the letter is already in the National Assembly.
The letter which was read dated October 4, 2017.
The letter reads: “Accordingly the Senate is requested to kindly approve the following external borrowing: issuance of $2.5bn in international Capital Market through Eurobond 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.
“Issuance of Eurobond in the ICN and / or loans syndication by the banks in the sum of $3 billion for refinancing of maturing domestic debt obligation of the Federal government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of this opportunities funding. “
More details will follow…