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President Buhari seeks lawmakers approval of $5.513bn external loan

President Muhammadu Buhari’s request for fresh external loans totalling $5.513billion has been presented and read on the floor of the Senate by its leader, Ahmad Lawan .

Through a letter forwarded to the National Assembly, President said it became imperative for funding the revised 2020 budget and insulating the nation’s economy from the yet to be abated Covid-19 pandemic.

The sources for the loans according to the letter are, “the International Monetary Fund ( IMF) $3.4bn, World Bank $1.4bn, Africa Development Bank $500million , Islamic Development Bank $113m etc.”

President Buhari added in the request that the loans being urgently sought for, “are targeted at critical areas of funding of the 2020 budget execution of critical projects slated for 2020 fiscal year and projects to support the state governments.”

Meanwhile, debate on the general principles of the revised 2020- 2022 MTEF/FSP and Appropriation bill, is ongoing, while the documents have been forwarded to the Senate Committees on Finance ( MTEF), Budget ( Appropriation) and the one on loans ( local and foreign debts).

All the committees are expected to report back on Tuesday next week for further legislative action.

Source: Voice of Nigeria