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.”
0 comments:
Post a Comment