UPDATED: Buhari seeks NASS approval for $5.513bn external loan

President Muhammadu Buhari on Thursday requested the National Assembly to consider and approve his request to borrow $5.513 billion from external sources.

In the letter for external borrowing, Buhari said the $5.513 billion external loan is to enable the Federal Government fund the 2020 revised budget, execute Federal Government’s priority projects and for projects to support State Governments in stimulating their economy which has been adversely affected by the COVID-19 pandemic.

It is also to source $600million from the Islamic Development Bank to support Nigeria’s response to challenges posed by COVID-19 and $500 million from the African Export-Import Bank to provide critical Medical supplies to combat COVID-19. Buhari noted that the Islamic Development Bank has indicated that only $113million of financing will be available to the Federal Government of Nigeria in the 2020 fiscal year to finance the government’s COVID-19 response, which will come from restructuring of previously approved but inactive facilities for Nigeria.

“It has become necessary to revise the 2020-2022 MTEF/FSP and amend the Appropriation Act 2020, in view of the sharp decline in crude oil prices and the cut in Nigeria’s crude oil production quota occasioned by the COVID-19 Pandemic. In effect, the assumptions underlying the 2020 Appropriation Act are no longer sustainable.

MBuhari Pls sir don't borrow our future out of existence.

MBuhari Lets just continue to manage! The year sef don nearly finish! This man dey mad!! Haba! Just loan the whole country sef

MBuhari Dis idiot is a mistake to useless senseless contraption Zoo called Nigeria 🇳🇬.

MBuhari We have been borrowing for virtually everything as a Nation...

MBuhari Who will pay the debt abi dem want privatise Nigeria?

MBuhari Mr president fear God

Where is recent Abacha recovered loot?

Why is that this regime like collecting loan, there are many business you can do in Nigeria to generate more money instead of collecting loan..

What's buhari doing with all this money Everyday loan loan...God delivere from this criminal

Nonsense ingredients

Sinzu Sinzu

Are we save in this country? Another loan of $5.513! Why did we get it wrong?

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING: Buhari writes Reps, seeks fresh $5.513bn loanPlease can someone here assist me with 2K or even 1K to buy Foodstuff at home ? pls don’t let hunger finish me please , I don’t mind any amount sef even if it’s to buy foodstuff even if it’s Only Garri and Beans that i can get . pls help me retweet also 🙏😩 My Dm is Open pls The rate at which we borrow is becoming alarming in this country due to little or no visible impact & repayment plan left for next administration or generation. It is imperative that accountability should follow and questions asked. Is becoming too much of this old lazy men in power
Source: MobilePunch - 🏆 8. / 63 Read more »

BREAKING: Buhari Seeks Fresh $5.513bn Loan To Finance Revised 2020 BudgetBREAKING: Buhari Seeks Fresh $5.513bn Loan To Finance Revised 2020 Budget Lol..... This Man has ultimately destroy the future of this country. Batten down the hatches. Storm is coming
Source: channelstv - 🏆 7. / 63 Read more »

Buhari seeks Senate approval for $5.5bn external loanPresident Muhammadu Buhari has sought the Senate approval for a fresh $5.513 billion external borrowing to finance some projects in the 2020 budget. He made the request in a letter read by the Sena… Who did we offend? What's happening ooo.... This country!! Some people are going to become rich! Am sorry for this country
Source: Daily Trust - 🏆 13. / 51 Read more »

2020 Budget: FG to borrow $5.5billion to finance appropriation actThe 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 Must we borrow Total madness Chief borrower... The definition of insanity is doing the same things over and over and expecting different results.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Capital Importation Rises by 54% to $5.85bn in Q1 - THISDAYLIVEJames Emejo in Abuja The total value of capital importation into the country rose to $5.85 billion in the first quarter of the year (Q1 2020), representing an increase of $2.05 billion when compared to $3.80 billion in the preceding quarter, according to the National Bureau of Statistics (NBS). This represented an increase of 53.97 …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »

Nigeria attracted $5.85bn capital inflows in Q1, 2020The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria attracted $5.85 billion capital importation in the first quarter of 2020, representing about 31.19 percent decline from the …
Source: Daily Trust - 🏆 13. / 51 Read more »