The House of Representatives has approved the $2.786 billion loan request of President Muhammadu Buhari for part funding of the 2018 budget.
The green chamber also approved $82.54 million request to refinance the balance of $500 million Eurobond in the international capital market.
The lawmakers of the lower legislative chamber approved the request on Tuesday following consideration of a report of the committee on aids, loans and debt management.
Concise News recalls that President Buhari had sent a letter seeking the lawmakers’ nod on the request on October 9.
President Buhari had sought to raise the $2.78 billion from the international capital market to finance deficits and key infrastructure projects, as approved of in the 2018 budget.
The lawmakers while approving the president’s request, urged the federal government to “reduce or limit its request for more external borrowing and source for other means of generating revenue internally.”
This came a month after the Debt Management Office (DMO) said Nigeria’s total debt rose to N22.4 trillion in the first half of the 2018 financial year.