President Buhari seeks fresh $5.513 billion loan, writes NASS

The Nigerian National Assembly on Tuesday received an executive communication from President Muhammadu Buhari seeking approval of fresh $5.513 billion loans

The fresh loan is for the financing of the 2020 revised budget according to the letter which was read on the floor of the Senate on Thursday by the Senate President Ahmad Lawan.

The letter explained inter alia that the Nigerian Federal Government was handicapped in financing the 2020 Appropriation, hence, the need for the loan as a result of COVID-19 pandemic.

Buhari told the Parliamentarians that the request was necessitated by the need to insulate the nation’s economy from the grip of unabated COVID-19 pandemic.

The letter stated: “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.”

The President noted that the request would enable government to fund critical areas of the 2020 budget such as execution of critical projects slated for 2020 fiscal year and projects to support the state governments.

Meanwhile, the Senate was in close session for nearly three hours before proceeding today’s plenary

Similarly, the House of Representatives received the executive communication for the consideration of $5. 513 billion.

The letter was read on the floor of the Green Chambers by the Speaker, Hon. Femi Gbajabiamila on Thursday during the plenary.

The content of the letter which was yet to be fully debated at both Chambers as at the time of filing this report indicated that State Governors would benefit from the loans to enable them meet their obligations as a result of the COVID-19 pandemic.