President Buhari, in the letter conveying his request, which was read during plenary on Wednesday by Senate President Bukola Saraki, sought the permission of the Senate to borrow the sum of N2.10 trillion to finance the budget.
Justifying his decision to borrow the said sum, the president noted that the N882 billion loan earlier proposed by the past Goodluck Jonathan administration to finance the budget was discovered to be grossly inadequate due to emerging realities in the country.
Former President Jonathan in May, shortly before he left office, approved the N4.5 trillion budget for 2015, which was passed by the National Assembly in late April.
What this means is that the 2015 fiscal year does not end in December, but May 2016.
Explaining the source of the loan to finance the budget, President Buhari said it would be from both local and foreign.
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