President Muhammadu Buhari is seeking Senate approval for another N2.3trillion ($6.18bn) external loan. reports punch.
The president’s request is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday, May 18.
2. Request for the approval of Donor Funded Projects under the 2018-2020 Federal Government external borrowing rolling plan. #TodayInSenatePlenary— The Nigerian Senate (@NGRSenate) May 18, 2021
According to the request, the proposed loan is to finance the 2021 budget deficit of N5.6 trillion.
The Federal Government said the loan is to fund critical infrastructural projects in transportation, health, and education among others.
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.