Home / News / Breaking: Buhari writes Senate, seeks approval for another $5.5bn foreign loans

Breaking: Buhari writes Senate, seeks approval for another $5.5bn foreign loans

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President Muhammadu Buhari has written to the Senate, seeking approval for $5.5bn external borrowings.

The request was contained in a letter to both chambers of the National Assembly, which was read by the Senate President, Bukola Saraki, at the plenary on Tuesday.

The letter read in part, “Accordingly, the Senate is requested to kindly approve the following external borrowings: Issuance of $2.5bn in International Capital Market through Eurobonds or a combination of Eurobonds and Diaspora bonds for the financing of the Federal Government of Nigeria’s 2017 Appropriation Act and capital expenditure
projects in the Act.

“Issuance of Eurobond in the ICM and/or loans syndication by the banks in the sum of $3bn for refinancing of maturing domestic debts obligations of the Federal Government of Nigeria, while looking forward to the timely approval of the National Assembly to enable Nigerians to take advantage of these opportunities for funding.” – PUNCH


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Spread the loveTweetDirector – General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has stated that the agency was taking deliberate steps to work with the Judiciary and other arms of government to reposition Nigeria’s maritime industry, by providing necessary updates on information and law. Speaking at the opening of the 7th Strategic Admiralty Law Seminal for Judges with the theme: “Towards effective Admiralty in a Blue Economy” organised jointly by NIMASA and the Nigerian Institute of Advanced Legal Studies (NIALS) which held in Lagos, Peterside stated that in initiating the seminar, the agency noted the complex and time sensitiveness of maritime issue and the consequent requirement for prompt resolutions. According to the DG “In initiating this event, the Agency is not unaware of the complex and time sensitive nature of maritime issues and their attendant requirement for speedy resolutions often through judicial pronouncements by superior courts of records. The scenario no doubt puts pressure not only on those entrusted with the responsibility of responding to the economic exigencies, but also on judicial officers responsible for balancing important notions of justice, contract and the law” He also noted that the objective of the seminar over the ...