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President Muhammadu Buhari has, a moment ago, May 18, intitiated a step to borrow a new external loan to the tune of $6.183billion (about N2,343,387,942,848.00) for the Federal Government of Nigeria.
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The Senate President, Ahmad Lawan, who just read a request letter from the president, said Buhari was seeking Senate approval of the new external loan to finance the 2021 budget deficit.
The new borrowing will, no doubt, worsen Nigeria’s debt profile as it already stands at N32.9trn, according to the Debt Management Office (DMO)./ SHARE THIS
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- Tags: President Muhammadu Buhari, Senate President Ahmad Lawan