President Muhammadu Buhari has written to the National Assembly seeking approval of a fresh N2.343 trillion external loan.
The money is meant to part-finance the budget deficit of 5.602 trillion Naira in the 2021 budget.
President of the Senate, Ahmed Lawn read the letter in the floor of the House during plenary on Tuesday.
Buhari is asking for the resolution of the National Assembly for the implementation of the external borrowing of 2.18 billion dollars in the 2021 Appropriations Act.
The president further stated in the letter that the 2021 budget provides for 4.686 trillion as new borrowing to part-finance the 2021 fiscal deficit of which 50 percent is specified as new external borrowing.
The loan is to be sourced from a combination of sources namely multilateral and bilateral lenders, the international capital market through the issuance of Eurobonds.
The Speaker of the House of Representatives, Femi Gbajabiamila, also read the same letter from President Buhari to the lawmakers.