President Muhammadu Buhari has requested that the Senate considers and approve his request to borrow the sum of $5.513 billion from external sources.
The President made the request in a letter sent to the Senate that was read by Senate President Ahmad Lawan on Thursday during plenary.
In the letter, 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.
The President said the loan to fund the 2020 revised budget is being expected from multilateral institutions like the International Monetary Fund (IMF) $3.4 billion, World Bank $1.5billion, African Development Bank (AFDB) $500million and the Islamic Development Bank (IDB) $113million.
On Federal Government’s priority projects to address the COVID-19 pandemic and ensure food security in the country, Buhari said the sum of $600million would be sourced from the Islamic Development Bank, $125million from the AfDB, among others.
The Senate President referred the 2020-2022 revised MTEF to the Senate Committee on Finance, while the loan request was referred to the Senate Committee on Foreign and Local Debts for further legislative work and to report back on Tuesday next week.