Fred Itua, Abuja
President Muhamnadu Buhari has written to the Senate, seeking its approval to borrow a fresh $5.5 billion from international development banks and other global financial institutions.
According to a letter read on the floor of the Senate, the loan will be used to fund the deficits in the 2020 budget, occasioned by the outbreak of the deadly COVID-19.
The President is also seeking for international loans to support State Governments who have also been affected by the outbreak. Part of the funds will be used to cater for food security.
The President in the letter, said Ministers will be available to make give further details and ensure that the request is passed speedily to enable the Government finance critical components of the budget.
Details later
