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The Senate on Wednesday approved a loan request of $6.1 billion by President Muhammadu Buhari. The $6.1 billion which is about N2.343trillion was approved following the consideration of the report of the Senate Committee on Local and Foreign Debts at plenary. Chairman of the committee, Senator Clifford Ordia, presented the report. President Buhari had in May, asked the National Assembly to consider and approve the loan. The loan, he said, will be raised from multilateral and bilateral lenders as well as the international capital market. He also disclosed that the National Assembly already approved the borrowing of N4.6 trillion in the 2021 Appropriation Act and that the new borrowing of N2.3 trillion will part-finance the deficit in the 2021 budget. ....
By Deji Elumoye and Udora Orizu The National Assembly yesterday raised the N895.842 billion supplementary budget proposal for the 2021 fiscal year submitted to its two chambers, the Senate and the House of Representatives, by President Muhammadu Buhari by N87.9 billion and approved N982.729 billion. The Senate also approved the federal government’s request for $6.183 billion (N2.343 trillion) as external borrowing in 2021 Appropriation Act. Nonetheless, the federal government has intensified preparations for next year’s budget as it approved the 2022 – 2024 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF & FSP), authorising the funding of a N5.26 trillion budget deficit in 2022 through external borrowings. ....