Breaking: Buhari Seeks Senate’s Approval for Fresh Loan of $4bn, €710m, Gives Reason for Borrowing Funds

Breaking: Buhari Seeks Senate’s Approval for Fresh Loan of $4bn, €710m, Gives Reason for Borrowing Funds

  • The federal government's aggressive borrowing is still on course despite concerns over Nigeria's rising debts
  • This time, President Buhari is seeking the approval for a fresh loan of $4 billion, €710 million, and a grant of $125 million
  • Some experts had earlier warned that the government's continued borrowing is not healthy economically for the country

Abuja - President Muhammadu Buhari has sought the approval of the Nigerian Senate for a fresh loan of $4,054,476,863.00, €710 million and a grant of $125 million.

According to The Nation, Buhari in a letter to the Senate president, Ahmad Lawan, explained that the loan sought is to finance critical projects in the 2021 budget.

President Buhari
President Muhammadu Buhari has asked the Nigerian Senate to approve a fresh loan. Photo credit: Femi Adesina
Source: Facebook

The president’s request was read by Lawan, during plenary after the resumption of the upper legislative chamber from its annual vacation on Tuesday, September 14, Daily Trust added.

Read also

Incredible: NNPC refineries generate zero revenue, pay workers N69bn

Buhari went on to note that the request is an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

Senate finally passes N982bn supplementary budget

Recall that the red chamber on Wednesday, July 7, approved the sum of N982.729 billion as the supplementary budget for the 2021 fiscal year.

Ezrel Tabiowo, special assistant (press) to the president of the Senate, in a statement seen by Legit.ng, said the approved sum represents an upward review of N86.9 billion from the initial amount of N895.842 billion transmitted to the National Assembly by President Buhari.

The passage of the supplementary Appropriation Bill 2021, followed the consideration of a report by the committee on Appropriation during plenary.

President Buhari signs N982 billion supplementary 2021 budget

Read also

Adamawa lawmaker opens up, reveals huge amount each Rep gets for constituency projects

Meanwhile, the president on Monday, July 26, in Abuja signed a supplementary budget of N982.7billion for 2021 to address urgent security and COVID-19 needs of the nation.

The action by the president was his last official assignment before embarking on a trip to London.

A statement sent to Legit.ng by presidential spokesman, Femi Adesina, noted that the president signed the Supplementary Appropriation Act, 2021 in his office at the State House in the presence of senior government officials.

Source: Legit

Online view pixel