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BREAKING News: Senate Approves Buhari's $5.5 billion Foreign Loan Request - Hallo friendsBreaking News Today, In the article you read this time with the title BREAKING News: Senate Approves Buhari's $5.5 billion Foreign Loan Request, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article culture, Article News, Article politics, Article sports, We write this you can understand. Alright, good read.

Title : BREAKING News: Senate Approves Buhari's $5.5 billion Foreign Loan Request
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BREAKING News: Senate Approves Buhari's $5.5 billion Foreign Loan Request

The Federal Government has been given the approval to secure a whopping $5.5 billion foreign loan by the Senate.

President Muhammadu Buhari

The Senate has approved the request by President Muhammadu Buhari to allow the Federal Government secure two external borrowings totalling $5.5bn.

According to Punch, the approval was given after the adoption of a report by the Senate Committee on Local and Foreign Debts at the plenary on Tuesday.

Buhari, in a letter dated October 4, 2017, had said the external borrowings had been captured in the 2017 Appropriation Act, which has a deficit of N2.356tn and provision for new borrowings of N2.321tn.

The letter read in part, “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 this  opportunities for funding.”

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