The President, Major General Muhammadu Buhari (retd.), is seeking approval of the National Assembly to raise fresh external loans of $4.05bn and €710m for his regime.

Experts and Civil Society Organisations faulted the move  to approve loans for the current regime by the National Assembly. Buhari is also seeking the nation’s legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan. These were contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers Messrs Ahmad Lawan and Femi Gbajabiamila (Senate President and Speaker of House of Representatives respectively) on Tuesday. Buhari had on May 18, 2021sought the approval of the Senate to borrow $6.18bn external loan to finance this year’s N5.6trn budget deficit. He had said the proposed loan, which is equivalent of N2.3tn would be used to finance the 2021 budget deficit of N5.6tn. Also, the Federal Executive Council, on July 8, 2021 approved the 2022 – 2024 Medium Term Expenditure Framework and the Fiscal Strategy Paper, authorising the funding of the N5.26tn deficit envisaged in the 2022 budget through borrowings.