President Buhari writes Senate, seeks approval for $6.5bn loan

President Buhari has formally written to the Senate and the House of Representatives to approve a loan request of $6.5 billion. The letter was read by Senate President, Bukola Saraki, during plenary today October 10th. The letter states that the loans will be sourced through the issuance of Euro and Diaspora bonds.

According to the letter, the loans will be used to fund capital projects such as the construction of Mabila power project in Taraba State, construction of the second runway of Abuja Airport and other major projects across the country. Part of the foreign loans will be used to refinance local debts.