Nigeria to borrow #2.3trn external loan

20
Share This Now!

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan.

This is contained in 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.

ALSO READ:  How sales boy contracts armed robbers to rob his employer

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.


Share This Now!
FOR PUBLICATION OF ARTICLES, EVENT COVERAGE AND ADVERT PLACEMENT: WHATSAPP: +2349059502662


Nigeria's foremost news and business blog. For advert placement, tips and publication, call or whatsApp: +2349059502662


Leave a Reply

Call Us Now

%d bloggers like this: