President Buhari Again writes Senate, seeks approval for $6.18bn loan

 

President Muhammadu Buhari has written to the Senate, requesting permission to take out another $6.18 billion external loan.

President Buhari’s request was contained in a letter read in plenary on Tuesday by Senate President, Senator Ahmad Lawan. According to Buhari, the planned loan of N2.3 trillion will be used to cover the N5.6 trillion budget deficit in 2021. The loan, he explained, would enable the federal government to finance critical infrastructure projects in transportation, health, and education.