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Revised 2020 budget: Buhari seeks Senate approval for $5.513bn external loans
May 28, 2020
By Kingsley Okoye
President Muhammadu Buhari has sought the approval of Senate for an external loan of 5.513 billion dollars to fund the revised 2020 Appropriation Act.
Buhari’s request was contained in a letter addressed to President of Senate Ahmad Lawan and read at plenary on Thursday.
Buhari in the letter said the loan which would be sourced from the multilateral organisations would be used to finance the revised 2020 budget and priority projects of the Federal Governments.
He said the loan became necessary given required funding of the revised 2020 budget and moves to insulate the nation’s economy from the COVID-19 pandemic .
He listed the multilateral organisations to source from to include International Monetary Fund(IMF)World Bank, African Development Bank and Islamic Development Bank.
A breakdown of the loan to be received from the organisations according to Buhari are : IMF: 3.4billion dollars, World Bank 1.4billion dollars, Africa Development Bank 500million dollars, Islamic Development Bank 113 million dollars.
The President added in the request that the loans being urgently sought for are targeted at critical areas of funding of the 2020 budget,execution of critical projects slated for 2020 fiscal year and projects to support the state governments.
The senate also at plenary received documents on revised 2020-2022 Medium Term Expenditure Frame Framework (MTEF)and Fiscal Strategy Paper (FSP) and revised 2020 Appropriated Act.
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