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Buhari writes Senate, seeks approval for $5.5bn loan



iReporters News.

President Muhammadu Buhari has written to the National Assembly seeking approval for a loan request of $6.5 billion to fund the 2017 Budget.

Buhari’s appeal was contained in a letter read on the floor of the Red Chamber by the President of the Senate, Senator Bukola Saraki, on Tuesday.

The money consists of $3bn of external loan, and 2.5 billion to be raised through Eurobond or Diaspora bond in the international market.

In the letter dated last Wednesday, the president also said the budget has a 2.4 trillion naira deficit.

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