2017 Budget: Buhari Begs Senate To Approve Fresh Foreign Loan

President Muhammadu Buhari wrote the Nigerian senate demanding approval for a foreign loan of $5.5 billion to fund the 2017 budget.

As contained in the letter written to the Senate President, Bukola Saraki, the president noted that the 2017 budget had a deficit of N2.356 trillion.

“Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing domestic debts through the issuance of $3 billion Euro bond in the international capital market or through a loan syndication,” the letter read.

“The senate may wish to refer to 2017 appropriation Act which has a deficit of 2.356 trillion and provisions for near borrowings 2.321 trillion. The Act also provides for 1.254 trillion and external borrowing of 1.067 trillion about $3.5 billion. Issuance of $2.5 billion for financing the 2017 appropriation Act.”