Buhari writes Reps, seeks fresh $5.513bn loan

The Federal Government is to borrow a sum of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government meet their challenges occasioned by COVID-19.

In a letter to the House of Representatives, President Muhammadu Buhari sought the approval of the lawmakers to borrow the amount 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 letter which was read at plenary on Thursday by the Speaker, Rep. Femi Gbajabiamila states 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 loan request was however referred to the House Committee on loans and Debt for consideration.