By Mayowa Okekale, Abuja
President
Muhammadu Buhari has formally written to the Senate and the House of
Representatives, to approve a loan request of $5.5 billion.
Muhammadu Buhari has formally written to the Senate and the House of
Representatives, to approve a loan request of $5.5 billion.
According
to the letter addressed to the Senate President, Bukola Saraki, a copy
of which was read on the floor of the Red Chamber on Tuesday plenary, the loans will be sourced through issuance of Euro and Diaspora bonds.
to the letter addressed to the Senate President, Bukola Saraki, a copy
of which was read on the floor of the Red Chamber on Tuesday plenary, the loans will be sourced through issuance of Euro and Diaspora bonds.
Buhari said the borrowings will be used to fund capital projects.
Some
of the projects listed by President Buhari in the letter include the
construction of Mabila power project in Taraba State; construction of
second runway of Abuja Airport and other major projects across the
country.
of the projects listed by President Buhari in the letter include the
construction of Mabila power project in Taraba State; construction of
second runway of Abuja Airport and other major projects across the
country.
Part of the foreign loans will also be used to refinance local debts.
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