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Breaking: 2017 Budget: Senate Approves Buhari’s $5.5bn Foreign Loan Request

A cross section of the Nigerian Senate

The Nigerian Senate, on Tuesday, approved President Muhammadu Buhari request to borrow the sum of $5.5bn for the financing of the 2017 appropriation bill.

Buhari, in a letter dated October 4, 2017, had written the Senate asking for its approval to secure two external borrowings totaling $5.5bn.

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.”

Presenting the report of the Senate Committee on Local and Foreign Debts of the committee at plenary today, Senator Shehu Sani, Kaduna-APC said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.

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