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Buhari lobbies Senate for N2.3trn fresh loan approval

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Another request for a loan of about N2.3 trillion has been forwarded by President Muhammadu Buhari to the National Assembly for approval.

Persecondnews recalls that Nigeria’s public debt profile as at December 2020 was N32.9 trillion ($86.3 billion), according to the nation’s Debt Management Office.

In a letter to the Senate on Tuesday, Buhari asked the lawmakers to approve a new external loan of $6.183 billion for the Federal Government to finance the 2021 budget deficit.

This was disclosed by Senate President Ahmad Lawan when he read the letter of request on the floor of the house at plenary.

READ ALSO: Coup alert: Presidency fingers religious, past political leaders

The letter requests for a resolution of the National Assembly for the implementation of the external borrowing of $2.18 billion in the 2021 Appropriations Act, among others.

It also requests for the approval of Donor Funded Projects under the 2018-2020 Federal Government external borrowing rolling plan.

In all, the total loan request is N2,343,387,942,848.00 (trillions).

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