President Muhammadu Buhari has urged the Senate to approve N2.3trn ($6.18bn) external borrowing.
President Buhari’s letter seeking the upper legislative Chamber’s approval was read by Senate President Ahmad Lawan during resumption plenary on Tuesday.
Buhari said the loan was to finance the 2021 budget deficit of N5.6trillion.
The President indicated that the loan would enable the federal government to fund critical infrastructural projects in health, education etc.
This is coming against the backdrop that barely a month ago the Senate approved the the sum of $1.5bn and €995 million external borrowings for the federal government.
The loans were part of the $5.5 billion and €995 million external borrowings President Muhammadu 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.