Nigeria’s President Muhammadu Buhari has requested Senate’s approval for a fresh $2,868,540,000 external loan.
This request was contained in a letter to the Senate yesterday which was read on the floor of the Red Chamber by the Senate President, Bukola Saraki.
The President said: “Pursuant to Sections 21 (1) and 27 (1) of the Debt Management Office (Establishment Etc) Act, 2003, I hereby request for distinct and specific resolutions of the National Assembly to:
“Issue USD2.786 billion in Eurobonds and other securities in the international capital market for the implementation of New External Borrowing approved in the Federal Government of Nigeria’s 2018 Appropriation Act, for the part-financing of the 2018 budget’s fiscal deficit as well as to finance key infrastructure projects in 2018 budget.
“And issue Eurobonds and other securities in the international capital market for the refinancing of USD82.54 million, being the balance of the five-year, USD 500 million mature Eurobonds.”