Breaking: President Buhari seeks National Assembly's approval to borrow N2.3 trillion

macfranc007 October 10, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Jerrywright Ukwu

- President Muhammadu Buhari is seeking to borrow more money as Nigeria struggles with its finances

- This was made known via a letter sent to the National Assembly

- The president is seeking a loan of $6.5 billion (N2.3 trillion)

President Muhammadu Buhari has formally written to the National Assembly to approve a loan request of $6.5 billion.

The president made the request known via a letter addressed to Senate President, Bukola Saraki and Speaker, House of Representatives, Honourable Yakubu Dogara.

According to the letter, the loans will be sourced through issuance of Euro and Diaspora bonds.

President Buhari stated that the borrowings will be used to fund capital projects, one of which are the construction of Mambila power project in Taraba state, construction of second runway for the Nnamdi Azikiwe International Airport, Abuja and other major projects across the country.

BREAKING: Buhari seeks National Assembly approval for N2.3 trillion loan

President Buhari seeks National Assembly approval for N2.3 trillion loan. Photo credit: Aso Rock

Part of the loans will also be used to refinance local debts.

The letter immediately drew the attention of the Senator Phillip Aduda (PDP) representing the Federal Capital Territory.

The senator who raised a point of order, suggested to his colleagues that the ministers of finance and and budget and planning be invited to clear the air on the presidency's plan.

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