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President Muhammadu Buhari on Tuesday asked Nigeria’s house of representatives to approve an external loan of N2.3trillion ($6.18bn).
This was contained in a letter addressed to the Speaker of the House of Representatives, Femi Gbajabiamila, and read on the floor of the green chamber by the Deputy Speaker, Idris Wase, on Tuesday.
President Buhari noted that the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.
The loan is to enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.
A similar executive communication was forwarded to the Senate and read by the President of the Senate, Ahmad Lawan.
Buhari’s request if approved will further increase Nigeria’s debt profile.