The senate has approved the $5.5 billion external loan request by President Muhammadu Buhari.
Recall that President Buhari had, in a letter on 10th October, requested the approval of $3 billion external loan and $2.5 billion Eurobond from the senate.
“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”, the letter read in part.
He had explained that the Eurobonds would be used in funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.
Recall also that on 19th October, the Committee on Local and Foreign Debts had invited the Minister of Transportation, Rotimi Amaechi and some other members of the executive to explain the benefits of the loan.
Details later on aledeh.com…