Buhari To Borrow Another $5.5bn To Finance Appropriation Act
May 28, 2020
12:41 pm
The House of Representatives is currently considering an amendment to the 2020 appropriations act following a request by the President, Muhammadu Buhari.
In a letter read by the Speaker, Femi Gbajabiamila on Tuesday during plenary, the President requested the approval of the House of Representatives to borrow a sum of $5.5billion from external sources to implement the budget.
The 2020 budget has been affected by the COVID19 outbreak and the decline in the price of oil.
The loan facilities will be from the International Monetary Fund (IMF); $3.4 billion, World Bank; $1.5billion, African Development Bank (AfDB) $500million and Islamic Development …
