Updated: Buhari wants approval for fresh $5.513bn external loans


Request from President Muhammadu Buhari for fresh external loans totaling $5.513billion , was read on the floor of the Senate Thursday by the Senate President , Ahmad Lawan.
President Buhari in the request via a well detailed letter forwarded to that effect , said it became imperative for funding the revised  N10.509 trillion 2020 budget and insulating the Nation’s economy from the yet to be abated COVID-19 pandemic.
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 etc.

The President added in the request that the loans being urgently sought for , are targeted at execution of critical priority projects captured in  the 2020 budget and provision of facilities for projects to  support states  against adverse effects of COVID-19 pandemic.
The letter read on the floor of the Senate by  its President , Ahmad Lawan was accordingly referred to the committees on Finance , Local and Foreign Debts for consideration at committee levels and report back latest by Tuesday next week.
In his remarks after approval for further consideration of the request by Senators through voice votes, Senator Lawan ordered the committees to get other required information on the loan request from the Minister of Finance, Zainab Ahmed before possible final consideration for it on Tuesday next week.

“Since these loans as explained by Mr President , are targeted for financing of the revised 2020 budget and generally  insulating the economy from effects of the COVID-19 pandemic , the Committees should please expedite action on the request between now and Tuesday next week when reports on revised proposals on the 2020 budget are also expected to be submitted and considered.
“These are urgent national assignments that must be expeditiously attended to in the interest of our dear country and Nigerians generally “, he said .

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