President Buhari Seeks Senate Approval To Borrow N2.10 Trillion. (See Why)

President Buhari has sent a letter to the senate
asking for permission to borrow N2.10 trillion to
finance the 2015 budget. In the letter which was
read at the senate's plenary session yesterday,
November 18th, the president stated that the
N882 billion loan earlier proposed by the past
government to finance the budget had to be
raised to N2.10trillion, due to the dwindling oil
price and other economic realities. The source
of the loan, according to the president, would be
from both local and foreign.

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