Sep 20, 2021

Mawazo Writing Africa

Writing about the main

Breaking: Buhari Seeks Senate’s Approval for Fresh Loan of $4bn, €710m, Gives Reason for Borrowing Funds

  • The federal government’s aggressive borrowing remains on track despite concerns about Nigeria’s rising debt
  • This time, President Buhari is seeking approval for a new one Loan of USD 4 billion, 710 million

Abuja – President Muhammadu Buhari has the approval of the Nigerian Senate for a new one Loans of $ 4,054,476,863.00, € 710 million and a. applies for $ 125 million grant.

According to The Nation, Buhari stated in a letter to Senate President Ahmad Lawan that the requested loan would fund critical projects in the 2021 budget serves.

The President’s request was read out by Lawan during the plenary session after the Upper Legislative Chamber was resumed from its annual vacation on Tuesday day, September 14th. Daily Trust added.

Buhari went on to say that the motion is an addendum to the federal government’s proposed rolling plan for 2018-2021 external borrowing previously approved by the. was approved by the National Assembly.

Senate finally adopts supplementary budget of N982 billion.

Remember that on Wednesday, July 7th, the Red Chamber the sum of N982.729 billion as. approved the supplementary budget for the 2021 financial year.

The adoption of the supplementary budget for 2021 followed the examination of a report by the Budget Committee in plenary.

President Buhari signs supplementary budget $ 982 billion in 2021 to meet urgent security and COVID-19 needs of the nation.

The President’s action was his last official assignment prior to his trip to London.