Buhari to depart Abuja for gas summit in Equatorial Guinea
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Buhari to depart Abuja for gas summit in Equatorial Guinea

President Muhammadu Buhari will on Friday, November 29, depart for Malabo, Equatorial Guinea, to participate in the 5th Gas Exporting Countries Forum (GECF) summit.

Bashir Ahmad, the personal assistant to the president on new media, in a statement on Thursday, November 28, made the disclosure in a tweet.

"President @MBuhari will depart Abuja tomorrow, to participate in the 5th Gas Exporting Countries Forum (GECF) Summit in Malabo, Equatorial Guinea," Ahmaad tweeted.

The NTA reported that at the one-day meeting, the Nigerian president will join other leaders of major gas-producing nations of the world namely, Algeria, Egypt, Equatorial Guinea, Libya, Bolivia, Iran, Qatar, Russia, Trinidad and Tobago.

Others are United Arab Emirates, Venezuela, Kazakhstan and Norway, whose countries account for 70% and 80% of global gas reserves and production respectively.

In another report, Buhari has requested the Nigerian Senate to approve a foreign loan allegedly to the tune of $30 billion to the federal government.

The president of the Senate, Ahmad Lawan, read Buhari's letter which contained the loan request during plenary on Thursday, November 28.

Recall that the eighth Senate led by the former senate president, Bukola Saraki, rejected the loan request in 2016.

Though no reason was given for the rejection of the loan at the time, there had been concerns the state of Nigeria's internal and external borrowing. Years later in 2019, the story is not much different.

Meanwhile, the International Monetary Fund (IMF) has warned that Nigeria’s debt to gross domestic product (GDP) ratio at 28% has increased but is still below average in the sub-Saharan Africa and Africa region.

Daily Trust reports that Amine Mati, the IMF senior resident representative and mission chief for Nigeria, made the disclosure in Lagos on Wednesday, November 27, during a public presentation.

He urged the federal government to increase its drive to create more new jobs and revamp its fiscal consolidation, noting that the country’s GDP was low.

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