President Muhammadu Buhari has formally written to the Senate and the House of Representatives, to approve a loan request of $6.5 billion.
According to the letter addressed to the Senate President, Bukola Saraki, a copy of which was read on the floor of the Red Chamber on Tuesday, the loans will be sourced through issuance of Euro and Diaspora bonds.
Buhari said the borrowings will be used to fund capital projects. Some of the projects listed by President Buhari in the letter include the construction of Mabila power project in Taraba State, construction of second runway of Abuja Airport and other major projects across the country.
Part of the foreign loans will be used to refinance local debts.