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BREAKING: Tinubu seeks fresh $7.7bn foreign borrowing, writes Senate
President Bola Tinubu has asked the Senate to approve a fresh $7.7bn external borrowing plan to partly finance the Federal Government’s N20.2tn budget deficit.
At an exchange rate of N1,400 to the dollar, the proposed loan is equivalent to approximately N10.78tn.
In a letter addressed to the President of the Senate, Senator Godswill Akpabio, Tinubu said the borrowing was intended to provide funding for part of the budget deficit.
Announcing the request during plenary, Akpabio disclosed that the latest proposal had replaced an earlier request for a $20.52bn external loan, which was submitted to the Senate last week.
The Senate President subsequently referred the communication to the Senate Committee on Local and Foreign Debts for further legislative consideration.
The committee is chaired by Senator Aliyu Wamakko, who represents Sokoto North under the All Progressives Congress.
Details of the proposed borrowing are expected to emerge as the committee begins its review of the request.
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