President Muhammadu Buhari has sought the approval of the National Assembly to raise 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 long 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.
Senators will deliberate on the requests today as they resume legislative duties amid fears of a split among members over the fate of the leadership of the National Assembly.
While the ruling All Progressives Congress (APC) had vowed to remove Saraki as senate president, there are indications its members aren’t going ahead with the plan as they look to work cordially with the opposition to get things done.