President Muhammadu Buhari has sought the approval of the Senate for an external loan of 6.183 billion dollars, to fund the deficit of N5.602triillon in 2021 Appropriation Act.

This is contained in a letter addressed to the President of Senate, Dr Ahmad Lawan and read at 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.

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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.

Buhari said accessing the ICM would be relatively cheaper, thereby moderating debt service cost and ensuring increase in external reserve.