By Dipo Olowookere

President Muhammadu Buhari on Tuesday, October 9, 2018, wrote a letter to the Senate, seeking its approval to borrow $2.8 billion from the international capital market.

This information was made known today by the Senate President, Mr Bukola Saraki, who read the letter to his colleagues.

According to the letter from the President, the money is mainly to fund part of the 2018 national budget, which was signed into law on June 20, 2018.

The Senate resumed on Tuesday after suspending plenary on Tuesday, July 24, 2018 to embark on its annual recess.

At the resumption today, the Senate President informed his colleagues that the President wants the resolutions of the National Assembly for the implementation of the new external capital raising of $2.786 billion from the international capital market approved in the 2018 appropriation act.

Also, the Senate President said Mr Buhari wants an additional external capital raising of $82.54 million to refinance the balance of $500 million matured Eurobond in the international capital market.

Business Post reports that the Debt Management Office (DMO) had planned to raise the $2.8 billion in the outgone third quarter of 2018, but the recess embarked upon by the National Assembly killed the plan.

If the parliament gives the President the nod to obtain the $2.8 billion loan through Eurobond, the debt office may carry out the exercise before the end of this year.

https://www.businesspost.ng/2018/10/09/buhari-seeks-approval-to-borrow-2-8b-for-2018-budget/

money for election.

LIFELESS BORROWER!

But 2018 is a gonner!

2019 election budget!!! Buhari why

After recovering looted funds worth trillions?

Only Yoruba Muslims still support that lifeless animal.

What does he need borrowed funds for again.
Where is the recovered Abacha loot and the billions they claim they have recovered from looters,both in Naira and foreign currency.
Aside dividing us more than ever in our history as a country, Buhari seems to be on a mission to not just wreck Nigeria economically in the present,but to put generations unborn into perpetual debt and slavery.

Can't he ever create wealth.

Mr borrower

He is just clueless

Saraki u know wetin u suppose do

Don't accept it o, it will be used for 2019 elections

On top of d ones we are already owing? All d cash he's accumulating for election neva do am??

If the debt Nigeria owes China is to be shared to all Nigerians, then each Nigerian owes China about 105k.

Yet these ineffectual dullard is still planning to borrow more.

Saraki-led Senate will deny him that loan he intends to utilize in rigging 2019 election.

Saraki can't stand him winning second term to continue tormenting him.

The senators must rise above sentiments and prevent these criminals from plunging this country into a debt quagmire again.
We are borrowing away our future with absolutely nothing to show for it!

Scammer.

I thought they made noise that recovered loot will finance the budget?

They want to borrow for election vote buying exercise.

No way. Saraki you have to shut down the senate till February next year

What sort of nonsense is this? Buhari wants to kill this country with debt before he leaves.

That idiot should just go home


Nigeria is borrowing to service debts and the Daura Dulard wants to borrow more.

Buhari is a thief

Buhari is a disaster.

lol...


I often find it hilarious when pmb's social media clowns bring up the argument that this administration has received less revenue than the previous administration.


but when you state 3 facts about the situation, they become hostile & elusive...


1. the 2016, 2017 & 2018 budgets combined are higher than the combined budgets of 2011-2014 on one side & 1999-2013 on the other.

question is, why budget to spend more when your revenue is supposedly less? that negates the excuse of less revenue since you plan to spend more.



2. the average budget expenditure in Nigeria is about 40%... so which ever way it is viewed, this administration has spent more than others... yet the economy is worse off... infrastructure is not being developed. so where is the so called expenditure actually going to?


3. PMB has borrowed more than other administrations but has far less to show for it.

Why are we borrowing? , I thought oil price has gone above the benchmark in the budget. We should be in surplus

The Senate should turn down this request.

All this man knows is to borrow and waste on nonsense .

Borrow borrow President

Buhari is a disaster

This man must not be allowed to near that Aso rock anymore.

So lifeless and senseless.

This man must not be allowed to near that Aso rock anymore.

So lifeless and senseless.

Why is it impossible for the entire government of APC to explain to Nigerians what exactly it has done with the loans it's taken so far?...

14 million APC members voted in the direct primaries for Buhari's candidacy for 2019, how can it be impossible to find just a single person out of these 14 million who can clearly explain in detail, what has been done with past loans?

DAI BUHARI!

This guy want to run the country to the ground.