Buhari writes Reps, seeks fresh $5.5bn loan

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President Muhammadu Buhari has requested for a fresh $5.5bn loan to finance the revised 2020 budget.

Mr Buhari in a letter to the House of Representatives read out on the floor of the green chamber by the speaker, Femi Gbajabiamila, the president said the amount is expected to come from external sources.

He said the money will also be used to support state governments in the fight against Coronavirus disease which is on the rise nationwide.

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In his letter, the president sought the approval of the lawmakers to borrow the amount from the International Monetary Fund, the World Bank, African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.

It also stated that $3.4 billion of the money is to come from the International Monetary Fund, $1.5 billion from the Works Bank, $500 million dollars from the African Development Bank, while the Islamic Development Bank is to provide  $113 million.

The loan request was however referred to the House Committee on loans and Debt for consideration.

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