Home Business External borrowing: President Buhari seeks senate’s approval for $6.18bn loan

External borrowing: President Buhari seeks senate’s approval for $6.18bn loan

by Kunle Awosiyan
Muhammadu Buhari

President Muhammadu Buhari has asked the Senate to approve another 6.18 billion dollar external loan.

This is contained in a letter addressed to the President of the Senate Ahmad Lawan, and read at resumption of plenary on Tuesday.

The President said the proposed loan which is equivalent to 2.3trillion naira is to finance the 2021 budget deficit of 5.6 trillion naira .

The loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

Mr President’s request is coming barely a month after the Senate approved the sum of 1.5billion dollars and 995 million Euros external borrowings for the Federal Government.

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