Just In: President Buhari writes senate, seeking another loan of $5.513bn

Just In: President Buhari writes senate, seeking another loan of $5.513bn

Nigeria’s President, Muhammadu Buhari has written to the Senate, requesting for Fresh external borrowing to the tune of $5.513 billion.

Senate President Senator Ahmad Lawan read the President Buhari’s letter shortly after a closed session which lasted for 1hr 10 minutes.

According to the letter which was read during plenary, the loan will allow the Federal Government to finance the revised 2020 appropriation and budget deficit, support state government meet their challenges occasioned by the Coronavirus, COVID-19 pandemic and address the problem of food security.

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President Buhari explained that the external borrowing would be 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 letter stated 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.

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