A new N2.3trillion ($6.18bn) external loan request has been submitted to the Senate by President Muhammadu Buhari (retired).
A letter containing this information was addressed to the president of the Senate, Ahmad Lawan, on Tuesday and was read in plenary.
During a press conference to announce the proposed loan, Buhari said the funds would be used to finance the N5.6 trillion budget deficit projected for the year 2021.
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Using the money from the loan, he said, the Federal Government will be able to acquire crucial infrastructure elements in the financial world, including those in transportation, health, and education, among other things.
This comes as a shock only a couple of weeks after the Senate approved an amount of $1.5B in addition to €995 million in external borrowings for the Federal Government.
The loans were part of a package of external borrowings worth $5.5 billion and €995 million approved by the Red Chamber in May 2020 to finance various priority projects of the federal government as well as support to state governments that are struggling to meet their fiscal obligations.
There will be more information about this later…