President Muhammadu Buhari’s request 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 State governments .