Senate Approves Buhari’s Request for $6.1 Billion Loan

President Muhammadu Buhari

A loan request by President Muhammmadu Buhari totaling $6.1 billion has been approved by the Nigerian Senate.

The $6.1 billion loan request by Buhari, which is equivalent to about N2.343 trillion, was approved on Wednesday after the Senate considered the report of the Senate Committee on Local and Foreign Debts.

The loan is to be gotten from multilateral and bilateral tenders as well as the international capital market.

This is coming after the National Assembly had already approved the borrowing of N4.6 trillion in the 2021 Appropriation Act.