President Muhammadu Buhari has asked the Nigerian Senate to approve another N2.3trillion ($6.18bn) external loan.
The request was detailed in a letter addressed to the President of the Senate Ahmad Lawan, and read at the Senate’s Plenary proceedings
President Buhari says the proposed loan which is equivalent to is to finance the 2021 budget deficit of N5.6 trillion.
The loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.
Also in a Similar letter , President Buhari sought the Senate’s concurrent approval for donor funds projects under the 2018 – 2020 Federal government external borrowing plan.
The listed projects with a total of about USD 36.6 billion, 90 million Euros and grants components of about USD 10 million will be financed through sovereign loans from the World Bank, African Development Bank and others.
President Buhari says all listed projects covers both Federal and State government and will be geared towards the realization of Nigeria’s Economic Sustainability Plan.
Mr President’s request is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.