Buhari seeks Senate approval for fresh N2.3trn external loan

The President, Major General Muhammadu Buhari (retd.)

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan.

This is contained in a letter addressed to the Senate President, Ahmad Lawan, and 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.

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

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