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Buhari Seeks Approval For Another N2.3tn External Loan

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President Muhammadu Buhari has written to the Senate asking the legislature to approve another N2.3 trillion ($6.18bn) external loan.

The letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday stated that the funds will be used to finance the 2021 budget deficit of N5.6 trillion.

According to Buhari, the loan which will be obtained from external sources, will help the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

The president had last month also sought the approval of $1.5bn and €995 million external borrowings from the Senate.

The loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020, asked the Red Chamber to approve to finance various priority projects of the federal government and to support the state governments facing fiscal challenges

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