Buhari to Borrow Another $5.513bn from Foreign Institutions

• Buhari to Borrow Another $5.513bn from Foreign Institutions

President Muhammadu Buhari has forwarded a new $5.513 billion foreign loan request to the Senate and the House of Representatives for approval, according to the Senate President Ahmad Lawan.

In a letter read by the Senate President on Thursday, the President said the loan was to fund the 2020 budget deficit, support some states and finance critical projects.

A similar letter was presented to the House of Representatives while the revised 2020 Appropriation Bill and the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper were also presented to both chambers of the National Assembly.

In May, the Senate had approved N850 billion domestic loan request for the president. This, the Debt Management Office said was not a new loan but conversion of a planned external loan to domestic borrowing.

Details later…