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 plenary, the loans will be sourced through issuance of Euro and Diaspora bonds.

Buhari said the borrowings would 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 would be used to refinance local debts, according to the letter.