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The House of Representatives on Wednesday approved President Muhammadu Buhari’s request to obtain $7.031 billion and £995million external loan.
Breakdown of the external loan approved showed that the sum of $5.513 billion is to finance Federal Government’s revised 2020 budget deficit, £995 million to improve food security while $1.5 billion is for state governments facing fiscal challenges arising from the COVID-19 pandemic.
According to the report, the House had in June 2020 approved the request to obtain the $5.513 billion to finance the proposed revised 2020 budget deficit, but “due to the absence of adequate information on the second and third terms on Mr President’s request, the Committee in agreement with the Hon Minister, Federal Ministry of Finance, Budget & National Planning deferred consideration of the external borrowing request relating to funding of priority projects of the Federal Government to be captured in the budget estimates for 2021 and facilities to support the State Governments to face the challenges of the COVID-19 pandemic.”