PMB Requests For Approval From Senate To Borrow Funds For 2017 Budget.

President Buhari’s made a fresh request for external borrowing to the tune of $5.5 billion contained in a letter to the Senate President, Senator Bukola Saraki which was read on the floor of the Senate yesterday.

The four- page letter which was addressed to Senate President, Bukola Saraki is entitled, ” Request for the approval of External Loans for: 1. Implementation of the External Borrowing Approved in the 2017 Appropriation Act: 11 External Borrowing to Re- finance maturing domestic debts through the issuance of USD3.00 Billion Eurobond in the International Capital Market or through a loan syndication.” According to the letter, while $3 billion would be sourced through Euro bond, the remaining $2.5 would come from other sources in the international capital market.  The Minister of Finance, Kemi Adeosun, had last week told the Senate Joint Committee on Appropriation and Finance that the inability to access foreign loans was a major impediment to funding of capital projects in the 2017 budget.
The Minister of Finance, Kemi Adeosun, had last week told the Senate Joint Committee on Appropriation and Finance that the inability to access foreign loans was a major impediment to funding of capital projects in the 2017 budget.

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