President Muhammadu Buhari is seeking the approval of the Senate for a $5.5 billion foreign loan to finance capital projects.
The request was contained in a letter to the Senate.
The letter, dated October 4, 2017, was read by the President of the Senate, Dr. Abubakar Bukola Saraki, at the resumption of plenary on Tuesday.
The letter was read a week after the Minister of Finance, Kemi Adeosun, claimed that the loan request has been submitted to National Assembly for approval.
“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.”