BREAKING: Buhari seeks Senate approval for new N2.342tr external loan

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President Muhammadu Buhari has urged the Senate to approve a new external loan of N2.3trillion ($6.18bn).

This was made known in a letter addressed to the Senate President, Ahmad Lawan, and read on the floor of the Senate at plenary on Tuesday.

President Buhari stated that the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion, adding that the loan would enable the Federal Government (FG) to fund critical infrastructural projects in transportation, education, health, among others.

The latest development is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the FG.