President Muhammadu Buhari has sought the approval of the Senate for a loan of $5.5 billion to fund the 2017 budget.
The request for the approval was made in a letter transmitted to the Senate and read by Senate President Bukola Saraki at the plenary session on Tuesday.
In the letter, the president said the 2017 budget had a deficit of N2.356 trillion.
“The Senate may wish to refer to 2017 appropriation Act which has a deficit of 2.356 trillion and provisions for near borrowings 2.321 trillion.
“The Act also provides for 1.254 trillion and external borrowing of 1.067 trillion about $3.5 billion. Issuance of $2.5 billion for financing the 2017 appropriation Act,” the letter reads in part.
