With barely two months to the end of the year, President Muhammadu Buhari has once again written to the Senate for approval to take $5.5bn foreign loan for the execution of the 2017 budget.
The letter of the President’s was read by the Senate president, Bukola Saraki during this morning plenary.
The letter dated October 4,this year was read a week after the Minister of Finance, Kemi Adeosun blamed the Senate for delaying the approval. She claimed that the request has been hanging at the National Assembly.
According to the letter, the President said the loans will be sourced through issuance of Euro and Diaspora bonds and the borrowing will be used to fund capital projects.
Projects listed by Buhari in the letter include the construction of Mabila power project in Taraba State, construction of second runway of Abuja Airport, local debts and other major projects across the country.
