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Buhari seeks approval for fresh N2.3trn loan

By Uzo Kelly

President, Muhammadu Buhari seeks fresh loan Approval of $6.18bn from the senate.

This is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday.

Buhari said the proposed loan of N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.

He said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, education and other sectors.

Buhari seeks fresh loan approval notwithstanding that;

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The Senate had at Plenary on Wednesday, April 21, 2021, approved $1.5bn and €995m external loans for the Federal Government.
The decision was taken after the senators considered the report of the Senate Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.
The Chairman of the Committee, Senator Clifford Ordia, presented the report of his panel.

Read Also Senate approves fresh $1.5bn, €995m external loans

The loans were part of the $5.5 billion and €995 million external borrowings 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.

Details later…

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