President Muhammadu Buhari has requested a National Assembly resolution to raise 2.78 billion dollars from the International Capital Market for part-funding of the 2018 budget.
Buhari’s request came in a letter dated July 23, and read by President of the Senate, Bukola Saraki, at plenary on Tuesday.
The president said the amount, approved in the 2018 Appropriation Act, would be used to finance deficits and key infrastructure projects in the 2018 budget.
The loan, according to him, will be raised from Eurobonds and other securities in the international capital market.
In the same letter, Buhari also sought legislative nod for an external capital sourcing of 82.54 million dollars to refinance the balance of 500 million dollar matured Eurobonds in the international capital market.
Meanwhile, The Senate says it has set up a technical committee to study some bills that President Muhammadu Buhari declined assent to.
This followed a Point of Order raised by the Leader of the Senate, Ahmad Lawan, at plenary on Tuesday.
While making reference to Order 43, Lawan said it was expedient for the Upper Chamber to set up a committee to take a look at the concerns raised by the President.
The bills are: National Electoral (Amendment) Bill 2018; Stamp Duties(Amendment) Bill 2018; Advance Free Fraud and other Related Offences(Amendment) Bill 2017; and Subsidiary Legislation(Legislative Scrutiny) Bill 2018.