President Buhari Asks For Senate’s Permission To Borrow N2.10 Trillion

The President of the Federal Republic of Nigeria, Muhammadu Buhari, according to latest reports has sent a letter to the country’s senate, to seek the lawmakers’ approval to borrow about 2.10 trillion Naira in order to finance the country’s budget.During the Senate’s plenary sitting which was held today, 18th November, 2015 the letter was read and in the letter the president stated that the N882 billion loan the former government proposed will not be enough to finance the budget and instead he proposed a loan of about 2.10 trillion naira. The President stated that this increase is because of the declining oil prices and other various economic realities. He further said in the letter that the loan will be sourced locally and internationally.