Buhari seeks Senate appproval for $4b, €710m loans to execute ’emerging needs’

Nigeria President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget.

Buhari, in a letter to the Senate, said the loan request is an addendum to the 2018-2020 borrowing plan.

Senate President Ahmad Lawan read Buhari’s letter at the start of plenary on Tuesday.