Buhari writes Senate, seeks approval for $3 billion external loan

President Muhammadu Buhari has written the Senate to seek approval for external loan to the tune of $3 billion.

The president also sought the lawmakers’ approval to issue a $2.5 billion Eurobond or Diaspora bond in the international market.

In a letter read by the Senate President, Bukola Saraki, the president said the bonds would be channelled towards funding of the 2017 budget while the loan would be used in refinancing of maturing domestic debts.

“The Senate may wish to know that in order to implement the external borrowings approved by National Assembly in the 2017 appropriation act, the FGN issued $300 million diaspora fund in the International Capital Market, ICM in June 2017,” the letter said.