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BREAKING NEWS: Buhari Writes National Assembly, Seeks Approval For Fresh $5.5 Billion Loan
May 28, 2020
President Muhammadu Buhari has sought the approval of the Senate and the House of Representatives to take a $5.513 billion loan to fund the revised 2020 budget.
In a letter read during Thursday’s plenary session by Femi Gbajabiamila, the speaker, Buhari said the funds will be used for the federal government’s priority projects and to support the response to the COVID-19 pandemic.
He also said part of it will be used to fund the revised 2020 budget, and to support the state governments.
A breakdown of the proposed loan shows $1.5 billion will come from the World Bank, $500 million from the African Development Bank (AfDB), $113 million from the Islamic Development Bank and $3.4 billion from the International Monetary Fund (IMF), which the lender earlier approved.
Some of the listed projects include support of Nigeria’s response to challenges posed by COVID-19, strengthening of the healthcare system, financing smallholder farmers, provision of critical medical supplies to combat COVID-19, enhancing mechanisation of agriculture among others.
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