BREAKING: Buhari seeks National Assembly's approval for N2.3 trillion loan

BREAKING: Buhari seeks National Assembly's approval for N2.3 trillion loan

- President Muhammadu Buhari is seeking to borrow more money as Nigeria struggles with its finances

- This was made known via a letter sent to the National Assembly

- The president is seeking a loan of $6.5 billion (N2.3 trillion) which will be used to fund capital projects and also refinance local debts

President Muhammadu Buhari has formally written to the National Assembly to approve a loan request of $6.5 billion.

The president made the request known via a letter addressed to Senate president, Bukola Saraki, and speaker, House of Representatives, Honourable Yakubu Dogara.

According to the letter, the loans will be sourced through issuance of Euro and Diaspora bonds.

President Buhari stated that the borrowings will be used to fund capital projects, one of which are the construction of Mambila power project in Taraba state, construction of second runway for the Nnamdi Azikiwe International Airport, Abuja and other major projects across the country.

BREAKING: Buhari seeks National Assembly approval for N2.3 trillion loan

President Buhari seeks National Assembly approval for N2.3 trillion loan. Photo credit: Aso Rock

Part of the loans will also be used to refinance local debts.

The letter immediately drew the attention of Senator Phillip Aduda (PDP) representing the Federal Capital Territory.

The senator who raised a point of order, suggested to his colleagues that the ministers of finance and and budget and planning be invited to clear the air on the presidency's plan.

READ ALSO: Why Nigeria can’t fund capital projects in 2017 budget - Finance minister

Recall that in October 2016, Buhari sought an approval to borrow $29.960 billion for proposed projects across the country.

In a letter read by the deputy Senate president, Ike Ekweremadu, the president demanded $11.274‎ for different programmes, $10.686 billion for special national infrastructure projects and Euro Bonds of $4.5 billion.

The president also sought the approval of the National Assembly to borrow $5.851 billion for the upgrade of various sections of the Nigerian railway.

In April, NAIJ.com reported that the total loan request from the presidency was at $6.926 billion (N2.11 trillion).

This was revealed by the speaker of the House of Representatives, Honourable Yakubu Dogara, when he read a communication from the president on Wednesday, April 26.

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Source: Naij.com

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