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Views: 162 The Senate on Tuesday received a request from President Muhammadu Buhari to raise the sum of N2,343,387,942,848 from multilateral and bilateral lenders, as well as the International Capital Market (ICM) through the issuance of Eurobonds.  The amount which is equivalent to USD$6, 183,081,643.40 at the Budget Exchange Rate of USD$1/N379, is captured as New External Borrowing in the 2021 Appropriation Act (Item No.330), and meant to part-finance this year’s Budget Deficit of N5.602 trillion.  The request was contained in a letter addressed to the Senate President, Ahmad Lawan, and read during plenary.  According to the President, the request was made in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003.

Ahmad lawanMuhammadu buhariSenate onDebt management office establishmentNational assemblyResolution of the national assemblyRural developmentInternational capital marketBudget exchange ratePresident muhammadu buhariNew external borrowingBudget deficitSenate presidentDebt management officeFederal governmentCapital projects