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Buhari Seeks Another N2.3trn External Loan to Finance 2021 Budget

BY LEVI JOHNSON

Nigeria President Muhammadu Buhari is seeking the Nigerian Senate approval of a N2.3trillion external loan to finance its 2021 budget deficit of N5.6 trillion.

Ahmad Lawan, the Senate President disclosed this on Tuesday during his address at plenary..

According to Lawan, President Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.

The loan, he pointed out would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

It was gathered that the loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020.

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Buhari wants the Senate to approve to finance various priority projects of the federal government.

Recall that in April the Senate had approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.

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