The Senate on Wednesday approved a total of $6.18bn (N2.3 trillion) External Loan request by President Muhammadu Buhari to fund the 2021 budget deficit.
The approved foreign loan for the issuance of $3,000,000,000, but not more than $6,183,081,643.40, Eurobond in the International Capital Market for the implementation of the new External Borrowing of N2,343,387,942,848, for the financing of part of the deficit, authorised in the 2021 Appropriation Act.
According to the Senate, the amount authorised above may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.
The approval was sequel to the consideration of Senator Clifford Ordia, Peoples Democratic Party, PDP, Edo Central led Senate Committee on Local and Foreign Debts.
The Senate has directed the Minister of Finance, Budget and National Planning, the Director-General of the Debt Management Office, and the Governor of the Central Bank of Nigeria to submit to the National Assembly within ten (10) working days (excluding the day of close of trading) a letter containing the United State Dollars amount so raised and received as a result of the above approval together with the applicable exchange rate.