Buhari Seeks Fresh N2.342tr External Loan

President Muhammadu Buhari, on Tuesday, 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.

The request letter addressed to the Senate President, Ahmad Lawan, was read at plenary on Tuesday.

Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.

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

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