JUST IN: President Buhari Seeks House Of Rep Approval For Fresh $5.513bn Loan

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JUST IN: President Buhari Seeks House Of Rep Approval For Fresh $5.513bn Loan



Report says, President, Major General Muhammadu Buhari (retd.), has sent a letter to the House of Representatives seeking for the approval of fresh external borrowings totalling $5.513bn.

Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit.

According to the President, the loan will also finance critical projects and support state governments to meet their challenges occasioned by COVID-19.

He said the loan will be borrowed from the International Monetary Fund, the World Bank, African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.

The President noted that that $3.4 billion of the money is to come from the International Monetary Fund, $1.5 billion from the Works Bank, $500 million dollars from the African Development Bank, while the Islamic Development Bank is to provide  $113 million.

The President also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.

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