President Buhari Seeks Fresh $5.513bn Loan Approval From National Assembly


The Nigerian President, Muhammadu Buhari is seeking approval from the National Assembly, for a fresh $5.513bn external loans.


President Buhari said the loan would be used to finance revised 2020 budget.

President Buhari’s request was read on the floor of the Senate on Thursday at the plenary by the President of the Senate, Ahmad Lawan.

The President, in his request through a letter to the lawmakers, 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, according to the letter are, the International Monetary Fund (IMF) $3.4 billion, World Bank $1.4 billion, Africa Development Bank $500 million, Islamic Development Bank $113 million 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.