Tuesday, 18 May 2021: Barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government, the President, Muhammadu Buhari has again asked the upper chamber to approve another N2.3trillion ($6.18bn) external loan.

The request was stated in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday.

According to the president, 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.

Details later…