Breaking: President Buhari seek Senate approval to borrow $5.5 billion

-Federal government wants to borrow $5.5 billion to finance 2017 budget.

President Muhammadu Buhari has requested approval from the senate to borrow a sum of $5.5 billion to fund the 2017 budget.

Buhari’s request was contained in a letter read by Senate President Bukola Saraki at plenary on Tuesday.

The president also said the 2017 budget had a deficit of N2.356 trillion.

“Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing domestic debts through the issuance of $3 billion Euro bond in the international capital market or through a loan syndication,” the letter read.

“The senate may wish to refer to 2017 appropriation Act which has a deficit of 2.356 trillion and provisions for near borrowings 2.321 trillion. The Act also provides for 1.254 trillion and external borrowing of 1.067 trillion about $3.5 billion. Issuance of $2.5 billion for financing the 2017 appropriation Act.”