President Buhari has formally written to the Senate and the House of
Representatives to approve a loan request of $6.5 billion. The letter
was read by Senate President, Bukola Saraki, during plenary today
October 10th. The letter states that the loans will be sourced through
the issuance of Euro and Diaspora bonds.
According to the letter, the loans will be used to fund capital
projects such as the construction of Mabila power project in Taraba
State, construction of the second runway of Abuja Airport and other
major projects across the country. Part of the foreign loans will be
used to refinance local debts.
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