2020 budget: Buhari seeks $5.5bn loan for Covid-19, priority projects

2020 budget: Buhari seeks $5.5bn loan for Covid-19, priority projects

- As the National Assembly resumed plenary, it became clear that the revised 2020 budget will be run on more foreign loan

- On Thursday, President Muhammadu Buhari forward letter to the lawmakers seeking approval for a loan of $5.5 billion

- According to the president, the loan will be used to reposition the economy and strengthen the fight against coronavirus pandemic

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

President Muhammadu Buhari has solicited for the approval of $5.5 billion loans to finance the revised 2020 appropriation bill in a way that will enable the accommodation of some priority projects.

The information of the loan was contained in a letter directed to the House of Representatives by the president on Thursday, May 28.

According to the president, the funds will be used for the federal government’s priority projects and will also be channelled toward the fight against Covid-19 pandemic.

The president also said the funds will be used to assist the states in a concentrated effort against the scourge and help reposition some of the important sectors of the economy.

Buhari said the loan will be used to strengthen the healthcare system, finance smallholder farmers, and provide critical medical supplies to combat Covid-19.

2020 budget: Buhari seeks $5.5bn loan for Covid-19, priority projects
On Thursday, President Muhammadu Buhari forward letter to the lawmakers seeking approval for a loan of $5.5 billion.
Source: UGC

According to The Cable, the breakdown of the loan showed that $113 million will come from the Islamic Development Bank while $1.5 billion will come from the World Bank.

$500 million will come from the African Development Bank (AfDB), while $3.4 billion, which was earlier approved by the Senate, will come from the International Monetary Fund (IMF).

Buhari explained that coronavirus pandemic has necessitated an increase in the expenditure for the health sector as shown in the reviewed "2020 budget and the medium-term expenditure framework.”

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

Earlier, Legit.ng reported that Remi Sonaiya, 2015 presidential candidate of KOWA party, has called for a radical system change in government that will enable Nigeria to channel its resources towards top sectors of the economy.

Expressing her displeasure on the situation of the country, the retired professor of French and Applied Linguistics submitted that since there is no more money to import foods into the country, farmers should be encouraged to farm.

4 ways Nigerians are dealing with the COVID 19 lockdown | Legit TV

Source: Legit.ng

Online view pixel