The Senate on Wednesday approved a loan request by President Muhammmadu Buhari totaling $6.1 billion to meet fiscal needs of the Federal Government in the face of inadequate revenue generation
The $6.1 billion loan request was approved after the Senate considered the report of its Committee on Local and Foreign Debts.
According to the fiscal prerequisite on the Executive’s request, the $6.1 billion loan is to be sourced from multilateral and bilateral tenders as well as the international capital market.
It would be recalled that in in the 2021 Appropriation Act, the National Assembly had already approved the borrowing of N4.6 trillion.
A recent data by the Debt Management Office indicated that the current debt stock of the country stood above N33.2 trillion as analysts continue to express serious concern about Nigeria’s debt sustainability in the years ahead.
Senate Approves
The Nigerian senate has approved a total of N983 Billion being the amount of supplementary budget submitted by President Muhammadu Buhari.
