President Muhammadu Buhari has sought the approval of the Senate for an external loan of 6.183 billion dollars, to fund the deficit of N5.602triillon in the 2021 Appropriation Act.
This is contained in a letter addressed to the President of Senate, Dr Ahmad Lawan, and read at plenary on Tuesday.
Buhari said the request was in line with the provisions of sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act 2003.
He said the loan would be sourced from a combination of multilateral and bilateral lenders and the International Capital Market (ICM) through the issuance of Euro bonds.
Buhari said accessing the ICM would be relatively cheaper, thereby moderating debt service costs and ensuring the increase in external reserve.
More details later….
By Mayowa Oladeji
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...