Buhari writes Senate, seeks approval for fresh $5.5bn loans

Muhammadu Buhari and Bukola Saraki

President Muhammadu Buhari has sent a request to the Senate to consider his request for a $5.5 billion foreign loan to partly finance the 2017 budget.

The Senate President, Bukola Saraki read the request during the Senate plenary.

According to the letter, $3 billion will be sourced through Euro bond, while the remaining $2.5 billion will come from other sources in the international capital market.

The letter dated October 4, arrived the Senate, about a week after the Finance Minister, Kemi Adeosun accused the Senate of withholding its approval of the foreign loan requests sent by Buhari for consideration.

The Minister, who spoke on the issue while appearing before the Senate Committees of Finance and Appropriation, claimed the delay in the foreign loan approval, is affecting the implementation of the 2017 Budget.

Saraki clarified that there is no pending request from the President before the Senate yet to be approved.

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