President Buhari requests $2.18 billion loan approval from Senate

President Muhammadu Buhari has sent a letter to the Nigerian Senate requesting the sum of $2.18 billion external loan for approval to fund the 2021 Appropriations Act.

This was disclosed on Tuesday, as the Senate President, Ahmed Lawan read the letter from the presidency requesting approval.

What the Senate said:

“Senate President, Ahmed Lawan reads a letter from President requesting for the Resolution of the National Assembly for the implementation of the external borrowing of 2.18 billion dollars in the 2021 Appropriations Act and Request for the approval of Donor Funded Projects under the 2018-2020 Federal Government external borrowing rolling plan,” the Senate said in a statement.

Facts about Nigeria’s Debts

• The Debt Management Office  disclosed earlier that Nigeria’s public debt as at end of 2020 was N32.915 trillion.
• New Borrowing to part-finance budget deficits had declined steadily from N2.36 trillion in 2017 to N2.01 trillion in 2018, N1.61 trillion in 2019 and N1.59 trillion in the first 2020 Appropriation Act’.
• The trend was reversed in 2020 due to the economic and social impact of the COVID-19 Pandemic as New Borrowing in the revised 2020 Appropriation Act was N4.20 trillion.