October 17, 2021

Request of President Muhammadu Buhari for fresh external loans totalling $5.513billion , was read on the floor of the Senate Thursday by the Senate President , Ahmad Lawan.

President Buhari in the request via a well detailed letter forwarded to that effect , said it became imperative for funding the revised 2020 budget and insulating the Nation’s economy from the yet to be abated COVID-19 pandemic.

The sources for the loans are the International Monetary Fund ( IMF) $3.4bn, World Bank $1.4bn, Africa Development Bank $500million , Islamic Development Bank $113m etc .

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.

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