The Senate has referred the fresh request by President Muhammadu Buhari to borrow $4billion and 710 million pounds to its committee on Local and Foreign Loans.
The committee is expected to report back to the Senate next week.
Last week, President Buhari wrote to the National Assembly, seeking approval to borrow the sum of $4,054,476,863 billion and €710 million.
The President had explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.
This is not the first time President Buhari is writing to the National Assembly to request approval for external loans this year.
In May, he requested the sum of N2.343 trillion which according to him, was meant to part-finance the budget deficit of N5.602 trillion in the 2021 budget.
