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Senate Approves Buhari’s N2.34trn Loan Request

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The Senate has approved President Muhammadu Buhari’s request to borrow $6.1 billion from multilateral and bilateral tenders as well as the international capital market.

TrackNews Online reports that the loan request which is equivalent to about N2.343 trillion was approved on Wednesday after the Senate considered the report of the Senate Committee on Local and Foreign Debts.

It was gathered that the National Assembly already approved the borrowing of N4.6 trillion in the 2021 Appropriation Act.

The Senate also approved the sum of N982.729 billion as the supplementary budget for the 2021 fiscal year.

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