Buhari Seeks Senate Approval For New N2.3trn External Loan
President Muhammadu Buhari has asked the Senate to approve a new 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.
Reps to revisit Buhari’s $22.79bn loan request
This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.
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.
More details later…
Access Bank Group and Aig-Imoukhuede Foundation have pledged $300m to transform Africa’s economic landscape. …
Ayra Starr doubles up as Spotify EQUAL Africa and Global Artist for the month of…
Food tech company, Foodstuff Store, has announced the introduction of its innovative recycling program. …
Unarguably, there’s virtually no continent or country in the world that the prophetic ministry of…
Akmodel MD spoke on International Day of the Boy on May 16. Glamtush reports that…
President Tinubu has listened to Primate Ayodele’s advice and ordered the suspension of cybersecurity levy.…