President Muhammadu Buhari on Tuesday sought the approval of the Senate to raise $6.18bn in external loans to fund the 2021 budget.
This was contained in a letter addressed to the Senate President, Ahmad Lawan and read at plenary.
In the letter, Buhari hinted that the proposed loan, equivalent of N2.3trn, would be used to finance the 2021 budget deficit of N5.6 trillion.
The President also explained that the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health and education among others. Nigeria is heating up with insurgency and needs to build up the economy in view of averting the inflation. Cost of living is getting worst and there could be looming hunger since farmers and herders clash has affected cultivation and food stuffs.
