President Muhammadu Buhari. Twitter

Senate President Bukola Saraki on Tuesday read a letter addressed to the Red Chamber by President Muhammadu Buhari.

The letter, read during Tuesday’s plenary session, was to seek approval for $5.5bn external borrowings.

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The request is to allow the executive have access to funds “for the financing of the Federal Government of Nigeria’s 2017 Appropriation Act and capital expenditure
projects in the Act”.

The letter read in part, “Accordingly, the Senate is requested to kindly approve the following external borrowings: Issuance of $2.5bn in International Capital Market through Eurobonds or a combination of Eurobonds and Diaspora bonds for the financing of the Federal Government of Nigeria’s 2017 Appropriation Act and capital expenditure
projects in the Act.

“Issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of $3bn for refinancing of maturing domestic debts obligations of the Federal Government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of these opportunities for funding.”

A copy of the letter was also addressed and sent to the House of Representatives.