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Buhari Seeks Fresh Loan To Service 2020 Budget

May 29, 2020 Hit: 21 Written by 
Buhari Seeks Fresh Loan To Service 2020 Budget

President Muhammadu Buhari has asked The Senate to consider and approve his request to borrow 5.513 billion dollars from external sources.

Buhari in a letter read by Senate President Ahmad Lawan on the floor during plenary explained that the 5.513 billion dollars external loan will enable The Federal Government fund the 2020 revised budget, execute government’s priority projects and to support state governments in stimulating their economy which has been adversely affected by the COVID-19 pandemic.

The President says the loan to fund the 2020 revised budget is being expected from multilateral institutions like the International Monetary Fund (IMF) who will borrow the country $3.4 billion, world bank $1.5billion, African Development Bank (AFDB) $500million and The Islamic Development Bank (IDB) $113million.

He stated that his government also intends to borrow euro 995million from the export-import  Bank Of Brazil to support green imperative and enhance the mechanization of agriculture and agro-processing in Nigeria, while he is negotiating with the world bank for between $500million – $750 million for COVID-19 action recovery and economic stimulus program to support state-level efforts to protect livelihoods, ensure food security and stimulate economic activities.

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