ECONOMY

Buhari seeks senate approval for $6.183 bn external loan

Published

4 years ago

May 18, 2021

Kingsley Okoye

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 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 section 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 International Capital Market (ICM) through issuance of Euro bonds.

Buhari said accessing the ICM would be relatively cheaper, thereby moderating debt service cost and ensuring increase in external reserve.

Related Topics:headline

Up Next

PIB: We are fully on course – Sylva

Don't Miss

Kaduna strike: We are committed to dialogue – NLC

Kingsley Okoye

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.