November 14, 2017 / 11:52 AM / in 4 days

Nigeria's Senate approves Buhari's request to seek $5.5 bln in foreign loans

ABUJA (Reuters) - Nigeria’s Senate on Tuesday approved a request by President Muhammadu Buhari to seek $5.5 billion in foreign loans.

President Muhammadu Buhari presents the 2018 National budget to the National Assembly in Abuja, Nigeria November 7, 2017. Nigeria Presidency/Handout via REUTERS

The external borrowing would include $2.5 billion in Eurobonds to plug part of the 2017 budget deficit and $3 billion to refinance maturing domestic debt to lower the country’s funding costs.

Reporting by Camillus Eboh; Writing by Alexis Akwagyiram

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