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Politics

BREAKING: Buhari seeks House of Reps approval to borrow $5.513bn

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President Muhammadu Buhari has sought the approval of the House of Representatives to borrow $5.513bn externally to finance the 2020 budget deficit.

The Nigerian leader sought the approval in a letter written to the Speaker of the Hous, 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.

POLITICS NIGERIA recalls that 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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