• June 19, 2021

Buhari Seeks Fresh N2.3trn External Loan, Writes National Assembly For Approval


By John Imade (AGENDAWATCHDOG) – President Muhammadu Buhari is seeking the National Assembly’s approval for a fresh 2.343 trillion naira external loan meant to part-finance the budget deficit of 5.602 trillion Naira in the 2021 budget.

The President’s letter of request was read by the Senate, Ahmed Lawn during plenary on Tuesday, in which he requested for the resolution of the National Assembly for the implementation of the external borrowing of 2.18 billion dollars in the 2021 Appropriations Act.

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Buahari also stated in the letter that the 2021 budget provides for 4.686 trillion as new borrowing to part-finance the 2021 fiscal deficit of which 50 percent is specified as new external borrowing, which is to be sourced from a simulacrum of sources such as multilateral and bilateral lenders, the international capital market through the issuance of Eurobonds.

Again, the President’s letter was also read to the house by the Speaker of the House of Representatives, Femi Gbajabiamila.


Agenda Watchdog

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