FG suspends $22.7bn borrowing plan, gives reason

The Federal Government has suspended it plan to borrow the sum of $22.7billion to finance infrastructural facilities in the country.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, announced this on Monday at the 2020 International Conference on the Nigerian Commodities Market organized by the Securities and Exchange Commission (SEC) in Abuja.

Mrs Ahmed said the government decided to suspend the external borrowing due to the current realities in the global economic landscape.

“The current market indices do not support any external borrowings at the moment, despite that the parliament is still doing its work on the borrowing plan,” the minister said.

“One arm of the parliament has completed their work, and the other arm is still working. So, it is a process controlled entirely by the parliament itself. We are waiting,” she added.