President Muhammadu Buhari on Tuesday asked the Senate to approve a new external loan of N2.3trn for the Federal Government to finance the 2021 budget deficit.
According to the report, Senate President, Ahmad Lawan, read Buhari’s letter of request on the floor of the Senate at plenary on Tuesday.
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.
This $6.183Bn loan could further entrench the nation’s impending economic crisis.
Also recall that on April 7, AF24News reported that Edo State governor, Godwin Obaseki, claimed that the Federal Government printed an additional N60bn to supplement the Federation Account Allocation Committee allocation for the month of March.
CBN Governor, Godwin Emeifele, neither confirmed nor denied the claims made by Obaseki.