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.
Buhari said the requests were pursuant to Section 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act of 2003.
The lawmakers on Tuesday resumed from their annual recess, which began on July 25.
Although, the break was earlier scheduled to end on Sept. 25, it was extended to Oct. 9 to enable them to participate in the just-concluded primaries of their political parties.
In another letter dated Sept. 10, the president requested Senate to confirm the appointment of Mr Olanipekun Olukoyede as Secretary of the Economic and Financial Crimes Commission (EFCC).
This is coming amid the pending confirmation of Mr Ibrahim Magu, whose nomination by the president as substantive Chairman of the EFCC has been rejected twice by the lawmakers.