President Buhari Meets Security Chiefs in Aso Villa, Writes Senate For $5.5bn Loan Approval

By Sunday Okobi

President Muhammadu Buhari on Tuesday met behind closed doors with service chiefs, Minister of Defence, retired Brig. Mansur Dan-Ali and the National Security Adviser, NSA, retired Maj.-Gen. Babagana Monguno.

The News Agency of Nigeria, NAN, reports that the meeting, presided over by President Buhari, was still ongoing as at the time of filing the report.

It is also being attended by the Director General of the Department of State Services, DSS, Lawal Daura, the acting Director of the Nigeria Intelligence Agency, NIA, Amb. Arab Yadam, and the representative of the Inspector-General of Police.

The service chiefs at the meeting include Chief of Defence Staff, CDS, Gen. Gabriel Olonisakin; Chief of Army Staff, Major-Gen. Tukur Buratai; Chief of Naval Staff, Rear Admiral Ibok-Ete Ekwe Ibas and the Chief of Air Staff, AVM Sadique Abubakar.

Meanwhile, Buhari has written to Senate for the approval of $5.5 billion loan to fund the 2017 budget, which he said, had a deficit of N2.356 trillion.

This request for external borrowing was contained in a letter read by the Senate President, Bukola Saraki, during Tuesday’s plenary.

Part of the letter reads, “Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing domestic debts through the issuance of $3 billion Euro bond in the international capital market or through a loan syndication.

“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.

“The Senate may wish to refer to 2017 appropriation Act which has a deficit of 2.356 trillion and provisions for near borrowings 2.321 trillion. The Act also provides for 1.254 trillion and external borrowing of 1.067 trillion about $3.5 billion. Issuance of $2.5 billion for financing the 2017 appropriation Act.”