Buhari writes NASS for approval for fresh N2.3trn external loan

In compliance with the law, President Buhari has written the National Assembly seeking the approval of the parliament for the implementation of the new external borrowing plan of N2.343 trillion (about USD6.183 billion) contained in the 2021 budget as approved by the National Assembly.

According to the letter, “the 2021 Appropriation Act provides for N4,686,775,885,696.00 as New Borrowings (item No. 328) to part-finance the 2021 Fiscal Deficit, of which 50% or N2,343,387,942,848.00 (about USD 6,183,081 ,643.40 at the Budget Exchange Rate of USD1.00/N379) is specified as New External Borrowing.

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