The Senate on Wednesday approved a foreign loan of N2,343,387,942,848, requested by President Muhammadu to boost required found for the finance 2021 federal budget size of N13trn.
The Senate’s approval of the loan following it’s recommendations from the Committee on Local and Foreign Loans as presented by the Chairman, Clifford Ordia.
The Committee recommended that the Senate approves Buhari’s request for the issuance of $3,000,000,000 but not more than $6,183,081,643.40,Eurobond in the International Capital Market.
The Committee also recommended that the Senate should approve that the amount authorised may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.
As of December 2020, According to the country’s debt management office, Nigeria’s public debt has hit N32. 9 trillion ($86.3 billion).