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President Muhammadu Buhari has written the House of Representatives, seeking their approval of his decision to borrow another $5.513bn.
The letter which was received by the House was read at Thursday’s plenary presided by Speaker, Femi Gbajabiamila.
According to the President, the funds will be used to finance the revised 2020 appropriation and budget deficit, support state government meet their challenges occasioned by the dreaded cironavirus pandemic and address the problem of food security.
He explained that the external borrowing would be 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 President’s letter detailed 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.
More details soon.
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