President Muhammadu Buhari is seeking approval from the House of Representatives for a fresh loan. This is coming months after a whopping $22.79 billion was approved by the Senate.
It is said that the Federal Government is to borrow a sun of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government in other 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.
Recall that few days ago, President Buhari announced that Nigeria is broke and can no longer import
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