Buhari seeks Senate approval of fresh $5.513b foreign loans

Amidst growing concern for the sky – rocket increase in Nigeria’s external debt, President Muhammadu Buhari on Thursday approached the Senate for approval of a fresh $5.513 billion foreign loans.

His request for parliamentary approval was contained in an executive communication read on the floor of the Senate by the Senate President , Ahmad Lawan .

In the request letter, the 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 are the International Monetary Fund ( IMF) $3.4bn, World Bank $1.4bn, Africa Development Bank $500million , Islamic Development Bank $113m etc .

The President 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 .

Details later…