Buhari Writes Nigerian Senate, Seeks Another N2.3 Trillion Loan Approval

Buhari has written the Nigerian Senate, seeking another N2.3 trillion loan.

Newsone reports that President Muhammadu Buhari has again, requested from the Senate, the approval of another $6.183billion (N2.343trillion) external loan, a situation which is expected to shoot  Nigeria’s debt profile up further.

A report monitored on The Nation by Newsone quoted the President to have said the Federal Government intends to use the loan to finance the N5.6 trillion 2021 budget deficit, as it looks to execute crucial infrastructural projects bordering on transportation, health, education, etc, Nation reports.

The letter of request for the loan from President Buhari was read out by the Nigerian Senate President Ahmed Lawan during a plenary on the floor of the upper chamber on Tuesday, May 18, 2021.

Newsone reports that the development is coming after the Senate had also approved $1.5 billion and €995 million external borrowings last month which were part of the $5.5 billion and €995 million external borrowings sought for by the president in May last year. The president has explained that the funds were to be used to finance some government projects and assist some states financially.

Meanwhile, Newsone reports that according to Nigerian Domestic and Foreign Debt Report, published this year by the National Bureau of Statistics (NBS), the country’s total public debt as of September 2020, is N32.2 trillion ($84.57 billion).