The president, in a letter to the Senate, said the loan request is an addendum to the 2018-2020 borrowing plan.
He also asked the lawmakers to approve grant components of $125 million.
His request was contained in a letter read out by Senate President Ahmad Lawan, at the start of plenary on Tuesday.
Mr Buhari also explained that the need to borrow more funds is to meet “emerging needs” of some “critical projects.”
“I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.
“The distinguished senate president may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an…