2021 N5.6trn Budget Deficit: Buhari Seeks Senate’s Approval to Borrow $6.18bn

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Muhammadu Buhari

By Deji Elumoye and Juliet Akoje

President Muhammadu Buhari has sought the approval of the Senate to borrow $6.18 billion external loan to finance this year’s N5.6 trillion budget deficit.

The president’s request is contained in a letter addressed to the President of the Senate, Dr Ahmad Lawan, and read by Lawan at Tuesday’s plenary.

President Buhari said the proposed loan, which is equivalent of N2.3 trillion, is to finance the 2021 budget deficit of N5.6 trillion.

According to the president, sourcing the loan will enable the federal government to fund critical infrastructural projects in transportation, health and education, among other sectors.

Details later…