President Muhammadu Buhari has approached the Senate, seeking the approval for $5.5bn external borrowings proposal.

Buhari made the request in a letter to the two chambers of the National Assembly.  The letter was read by the Senate President, Bukola Saraki, on Tuesday at the lawmakers’ plenary session.

“Accordingly, the Senate is requested to kindly approve the following external borrowings: Issuance of $2.5billion in International Capital Market through Eurobonds or a combination of Eurobonds and Diaspora bonds for the financing of the Federal Government of Nigeria’s 2017 Appropriation Act and capital expenditure projects in the Act,” the president’s letter read.

“Issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of $3billion for refinancing of maturing domestic debts obligations of the Federal Government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of these opportunities for funding.”