BUSINESS AND ECONOMYPOLITICS

President Buhari to sink Nigeria into further external debt

President Muhammadu Buhari has written the Senate, seeking the approval to go for another external loan to the tune of $6,18 billion.

The request by President Buhari is contained in a letter read on Tuesday at plenary by the President of the Senate, Senator Ahmad Lawan.

According to Buhari, the proposed loan which is equivalent of N2.3trn is to finance the 2021 budget deficit of N5.6trn

He explained that the loan would enable the Federal Government fund critical infrastructural projects in transportation, health and education, among others.

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