Transportation, Power, other sectors to benefit as Buhari asks parliament to approve $6.18bn external loan

Chinazor Megbolu

President Muhammadu Buhari on Tuesday asked the nation’s parliament to approve new external borrowing of $6.18 billion this year.

The loan if approved, is expected to be used to finance the transportation, power, agriculture amongst other sectors.

The Federal Government, in a letter to parliament, is seeking to raise $3 billion or more in Eurobonds as part of the new debt.

The letter further explained that the money will partly be used to finance country’s 2021 budget deficit, in terms of projects in the power, transport and agriculture sectors.

Others mentioned are; education, health and defence.

Recall the nation had planned a Eurobond issue early 2020 after raising $2.86 billion through its sixth such sale in 2018, but instead, deferred the 2020 sale due to market turmoil caused by the Covid-19 pandemic

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