By Aduragbemi Omiyale
President Muhammadu Buhari is seeking the approval of the Senate to obtain a fresh external loan worth N2.3 trillion ($6.18 billion).
The Senate President, Mr Ahmad Lawan, disclosed this at the plenary on Tuesday.
Mr Lawan, while reading the letter from Mr Buhari, said the money would be used to fund the 2021 budget deficit of over N5 trillion.
In December 2020, President Buhari signed the 2021 budget of N13.6 trillion into law, with the sum of N5.6 trillion earmarked for recurrent expenditure, debt service of N3.3 trillion and a fiscal deficit of N5.2 trillion.
In his letter to the National Assembly read today, Mr Buhari explained that the loan is needed to fund critical infrastructural projects in transportation, health, education, amongst others.
Recall that about a month ago, the Senate authorised the federal government to borrow $1.5 billion and €995 million from external sources.
On Sunday, President Buhari flew to France to attend the African Finance Summit hosted by the French President, Mr Emmanuel Macron.
The programme will attract major stakeholders in the global finance institutions and some Heads of Government, who will, collectively, discuss external funding and debt treatment for Africa, and private sector reforms.
At the summit, Mr Buhari will have talks with his French counterpart on matters bordering on security, COVID-19, as well as getting relief, especially from increased debt burden on countries.
Dipo Olowookere 
Adedapo Adesanya