President Buhari seeks approval for N2.342 trillion new external loan
President Muhammadu Buhari has urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183billion, for the Federal Government to finance the 2021 budget deficit.
Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary, on Tuesday, May 18.
Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion. He said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.