Admin l Tuesday, October 10, 2017
LAGOS, Nigeria – President Muhammadu Buhari has requested the Senate to approve a loan of $5.5bn in external borrowing.
The money will be raised through sales of Eurobonds and Diaspora bonds to finance the 2017 budget.
Request for the loan was contained in a letter to the National Assembly, read on the floor of the Senate by President of the Senate, Dr. Bukola Saraki.
“Accordingly, the Senate is requested 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.
“Issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of $3bn for refinancing of maturing domestic debts obligations of the Federal Government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of these opportunities for funding,” he said.
