President Bola Tinubu has approached the Senate for approval to borrow another $7.7 billion from external sources to help fund part of the Federal Government’s N20.2 trillion budget deficit.
The proposed loan is worth about N10.78 trillion, based on an exchange rate of N1,400 to the dollar.
In a letter sent to Senate President Godswill Akpabio, Tinubu explained that the fresh borrowing would cover part of the funding gap in the national budget.
Akpabio announced the request during a Senate sitting, revealing that it had replaced an earlier proposal seeking approval for a $20.52 billion foreign loan. The previous request was submitted to the Senate last week.
Following the announcement, the Senate President referred the latest proposal to the Senate Committee on Local and Foreign Debts for further review.
The committee is chaired by Senator Aliyu Wamakko, who represents Sokoto North under the All Progressives Congress (APC).
More details of the proposed borrowing are expected to become available as the committee begins examining the request.
