President Muhammadu Buhari has requested the approval of the Senate for his government to borrow another $6.18 billion external loan which is equivalent to N2.3 trillion.
He made the request in a letter he addressed to the President of the Senate, Ahmad Lawan.
The letter was read to the Federal lawmakers during their plenary on Tuesday by Lawan.
In the letter, Buhari explained that the proposed loan which is meant to finance the 2021 budget deficit of N5.6 trillion.
He added that the load would assist his administration to fund critical infrastructure in transportation, health, and education among others.
Recall that the Senate had barely a month ago also approved the sum of $1.5bn and €995 million external borrowings for the Buhari-led government.
The loans are said to be part of the $5.5 billion and €995 million external borrowings the President, in May 2020, requested their approval by the Red Chamber to enable the Federal Government to finance various priority projects and to assist the state governments facing fiscal challenges.