President Muhammadu Buhari has written the House of Representatives asking it to approve his request to borrow a sum of $5.513 billion from external sources to enable the Federal government to finance the revised 2020 Appropriation.
The loan is also to support state governments to meet up with their challenges, which arise from the outbreak of COVID-19.
According to the letter read on the floor of the House by Speaker Femi Gbajabiamila on Thursday, $3.4 billion would be borrowed from International Monetary Fund, IMF; $1.5 billion from the World Bank; $500 million from African Development Bank, Islamic Development Bank, AfDB; and $113 million from Islamic Development Bank, IDB.
The request was later referred to the House Committee on loans and Debt for consideration.
