A fresh loan of $6.18billion or N2.3trillion would be obtained by President Muhammadu Buhari soon to finance the 2021 national budget if the Senate gives its nod to the request currently before it.
The President, came via a fresh request to ask for the facility from outside sources, according to a letter read by Senate President, Ahmad Lawan, which was read at plenary on Tuesday.
The President, said the proposed of N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion, which he said would be deployed 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.
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.