President Muhammadu Buhari has requested the approval of the Senate to access an external loan of 6.183 billion dollars.

The amount is to fund the deficit of N5.602 triillon in the 2021 budget.

The request was contained in a letter addressed to the President of Senate, Dr Ahmad Lawan, and read in plenary on Tuesday.

Buhari said the request was in line with the provisions of section 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act 2003.

He said the loan would be sourced from a combination of multilateral and bilateral lenders and International Capital Market (ICM) through issuance of Euro bonds.

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