2017 Budget: Buhari Seeks Senate’s Approval For $5.5bn Loan

President Muhammadu Buhari has requested the Senate to approve a loan of $5.5 billion to fund the 2017 budget.

The President’s request was contained in a letter read by Senate President Bukola Saraki on Tuesday. According to the letter, the 2017 budget had a deficit of N2.356 trillion.

The letter stated thus: “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.”

It further stated that “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.”