President Muhammadu Buhari has written to the National Assembly seeking the approval of fresh 2.79 billion dollars from The International Capital Market to finance deficits and other key projects in the 2018 budget.
The President made the request in a letter dated July 23, and read by the Senate President, Dr. Bukola Saraki, at plenary on Tuesday, after the lawmakers resumed from their annual recess.
The amount which has been approved in the 2018 Appropriation Act, is expected to be raised from Eurobonds and other securities on the International Capital Market.
In the same letter, the president also sought legislative approval for an external capital sourcing of 82.54 million dollars to refinance the balance of a 500 million dollar matured Eurobond.
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