FG suspends Buhari's $22.7bn borrowing plan

FG suspends Buhari's $22.7bn borrowing plan

- At the moment, the federal government is not so keen about going ahead with the $22.7 billion loan plan of President Muhammadu Buhari

- This was revealed by the minister of finance, Zainab Ahmed, on Monday, March 16

- Zainab said that due to the current global economic constraint, the plan to borrow the money has been suspended

The $22.7 billion loan request made by President Muhammadu Buhari which was recently approved by the National Assembly (NASS) has been suspended by the federal government.

This new decision of the federal government was revealed on Monday, March 16, by the minister of finance, Zainab Ahmed, Premium Times reports.

Speaking at the 2020 International Conference on the Nigerian Commodities Market convened by the Securities and Exchange Commission (SEC) in Abuja, Zainab said that the suspension of the loan plan was in keeping with the present realities in the global economy.

The minister pointed out that the federal government at the moment is watching the international market despite the consent of the NASS.

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FG suspends Buhari's $22.7bn borrowing plan

Zainab Ahmed said that due to the current global economic constraint, the plan to borrow the money has been suspended.
Source: UGC

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Zainab insisted: “The current market indices do not support any external borrowings at the moment, despite that the parliament is still doing its work on the borrowing plan."

She said that what is key, for now, is the effort of the leadership to diversify the nation's economy.

Meanwhile, Legit.ng reported that after much debate and heated reactions from Nigerians, the Senate on Thursday, March 5, approved President Buhari's $22.7 billion loan request.

The decision of the upper chamber, read out by Senate President Ahmad Ibrahim Lawan, sparked much uproar in the house.

One of those who reacted to the approval of the request by the president was Enyinnaya Abaribe, the minority leader, who was against accepting all the recommendations of the loan at once.

In a related post, Legit.ng reported that a disagreement broke out at the floor of the Nigerian Senate on Thursday, March 5, after deliberations on the $22 billion external borrowing request by President Buhari commenced.

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Clifford Ordia, the chairman of the committee who read out the report, suggested that the lawmakers approve the foreign loan request.

However, the decision to deliberate behind closed doors sparked a back and forth the argument for over half an hour between lawmakers and Lawan.

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Source: Legit.ng

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