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Buhari Asks Senate To Approve $5.5bn In Foreign Loans | The Precision

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Nigeria’s President, Muhammadu Buhari has sought
approval from lawmakers in the upper chamber of parliament for $5.5
billion of foreign borrowing, according to a letter read in the Senate
on Tuesday. 

Africa’s biggest economy grew in
the second quarter, climbing out of its first recession in 25 years as
oil revenues rose, but the pace of growth was slow, suggesting the
recovery remains fragile. 
Nigeria expects a
shortfall of $7.5 billion in its record 7.44 trillion naira ($24.33
billion) 2017 budget, which it plans to offset with foreign loans. 
The
letter requesting approval from lawmakers for offshore borrowing was
read out on the floor of the upper house by Bukola Saraki, president of
the upper chamber, the Senate said on its official Twitter feed. 
Africa’s
most populous country plans to issue at least a $2.5 billion Eurobond
this year, the head of the Debt Management Office (DMO) said last week. 
And
in August the finance minister announced plans to refinance $3 billion
worth of treasury bills denominated in the local currency with dollar
borrowing to lower costs and improve the country’s debt position. 

Reuters

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