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Top Nigerian singer, Harrison Tare Okiri, better known by his stage name Harrysong called on President Muhammadu Buhari to stop borrowing money from other countries.
The Samankwe crooner took to instagram to express his displeasure over plans by the government to borrow money to fund its projects.
He wrote: “Buhari invest in education, it is never too late, start paying students, we need brains to sustain this country’s economy and please stop borrowing money from other countries oooooo. I dey shake ooo.”
His statement comes after the Nigeria Senate granted a speedy approval to President Muhammadu Buhari’s fresh loan request of N850 billion naira from the domestic capital market and the report that the International Monetary Fund IMF approved Nigeria’s $3.4 billion emergency loan request to assist the country to tackle the impact of the coronavirus COVID-19 pandemic.
Meridian Spy reported the approval of N850 billion was made on Tuesday after Senate President, Ahmad Lawan read a letter from the President seeking the legislators’ nod to go for fresh loan of the said sum from the Domestic Capital Market to fund projects in the 2020 budget.
According to The Guardian, the $3.4 billion IMF loan, to be repaid within five years, is the largest allocation yet by the IMF to an African country’s bid to contain the pandemic.
According to reports, without the loan, Nigeria’s economy could shrink drastically, as the collapse of the price of crude, which makes up more than half of government revenues and 90 per cent of exports, has made it difficult to finance the 2020 budget.
