Buhari Seeks Senate's Approval For $2.86bn External Loan
If he fails to get re-elected, this October is seven months to end of the tenure of President Muhammadu Buhari.
And he has written to the Senate, seeking approval for $2.868 billion external loan.
The development also comes four months to the 2019 General Elections.
The President's request was contained in a letter to both chambers of the National Assembly, which was read by the Senate President, Senator Bukola Saraki at Tuesday's plenary.
The letter was dated July 23, 2018.
However, the President explained that the fund would be used to partly fund the 2018 budget.
Giving a breakdown of the loan, President Buhari explained that while $2.786 billion would be borrowed from the international capital market, the Federal Government needs to raise another $82.54 million from the international capital market to refinance the balance of $500 million mature Eurobond in the international capital market.
The letter reads: "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 5-year, USD 500 million mature Eurobonds".
Most Nigerians have expressed concerns over the APC incurring N11 trillion debt in the past three years.
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