President Buhari calls for approval of $ 2.18 billion loan from Senate – Nairametrics


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President Muhammadu Buhari sent a letter to the Nigerian Senate requesting the sum of $ 2.18 billion in external loan for approval to fund the 2021 Appropriations Act.

It was disclosed Tuesday, as Senate Speaker Ahmed Lawan read the presidency’s letter asking for approval.

READ: MDAs failed to hand 3 trillion naira to treasury in 6 years – Senate

What the Senate said:

“Senate Speaker Ahmed Lawan reads a letter from the President requesting the resolution of the National Assembly for the implementation of the $ 2.18 billion external borrowing in the 2021 finance law and the request for approval of projects financed by donors under the 2018-2020 federal law. Rolling plan of government external borrowing,The Senate said in a statement.

READ: House of Representatives indefinitely postpones President Buhari’s $ 22.79 billion loan request

Nigerian Debt Facts

  • The Debt Management Office earlier revealed that Nigeria’s public debt at the end of 2020 was N32.915 billion.
  • New borrowing to partially finance budget deficits had steadily declined from N236 trillion in 2017 to N201 trillion in 2018, N161 trillion in 2019 and N159 trillion in 2019. in the first finance law of 2020.
  • The trend was reversed in 2020 due to the economic and social impact of the COVID-19 pandemic, as new borrowing in the revised budget law of 2020 was 4.20 trillion naira.

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