Barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government,President Muhammadu Buhari has again asked the red chamber to approve another N2.3trillion ($6.18bn) external loan.
According to 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.
This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.
