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Buhari Seeks Approval Of House Of Reps To Borrow $5.513bn



President Muhammadu Buhari is seeking the approval of the House of Representatives to borrow the sum of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government in meeting their challenges occasioned by COVID-19.

Buhari sought the approval in a letter to the law makers on Thursday, to borrow the money 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.

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The loan request which was referred to the House Committee on loans and Debt for consideration stated that $3.4 billion of the money was to come from the International Monetary Fund, $1.5 billion from the World Bank, $500 million dollars from the African Development Bank, while the Islamic Development Bank was to provide $113 million.

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