President Muhammadu Buhari has written to the National Assembly requesting their approval to borrow the sum of $5.513 billion from external sources to finance the revised 2020 budget.
In a letter to the House of Representatives, President Buhari said the loan would be sought from the International Monetary Fund, IMF, the World Bank, African Development Bank, AfDB, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.
The letter, which was read at plenary on Thursday by the Speaker, Femi Gbajabiamila, the fund, if borrowed, would support state governments meet their challenges occasioned by COVID-19.
“$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,” Mr Gbajabiamila said.
The loan request was, however, referred to the House Committee on loans and Debt for consideration.