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Buhari seeks approval from House of Reps to borrow &5.513bn

#jaiyeorie
   
President Muhammadu Buhari has written to the House of Representatives for an approval to borrow $5.513bn externally to finance the 2020 budget deficit.

The letter was written to the Speaker of the House, Femi Gbajabiamila, which was read at the plenary on Thursday.

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 Speaker, however, referred the loan request to the House Committee on loans and Debt for consideration.

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