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BREAKING: Buhari Seeks another N2.342tr External Loan Approval


Peter Jerome

President Muhammadu Buhari has written the Senate to approve a new external loan of N2.3trillion ($6.18bn).

This was stated in a letter addressed to the Senate President, Ahmad Lawan, and read on the floor of the Senate at plenary on Tuesday.

In the letter, President Buhari disclosed that the proposed loan, is to finance the 2021 budget deficit of N5.6 trillion, adding that the loan would enable the Federal Government (FG) to fund critical infrastructural projects in transportation, education, health, among others.

This latest development is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the FG.

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