President Muhammadu Buhari is seeking approval to borrow $5.513 billion from external sources to finance the revised 2020 appropriation and support state government meet their challenges occasioned by COVID-19.
Reading a letter sent to the House of Representatives, at plenary on Thursday the Speaker, Femi Gbajabiamila said 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.
He 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 Speaker later sent the loan request to the House Committee on loans and Debt for consideration.
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