President Muhammadu Buhari has explained that the COVID-19 pandemic and the fall of oil price in the international market has made borrowing from the international capital market unattractive. Buhari explained this in a letter to the House of Representatives, saying he was constrained to ask the House to grant him approval to borrow N850 billion
President Muhammadu Buhari has explained that the COVID-19 pandemic and the fall of oil price in the international market has made borrowing from the international capital market unattractive.
Buhari said that the N850 billion which was initially scheduled in the budget to be borrowed from the international capital market, was not possible now as a result of current global economic conditions. He said it would also provide access to low cost and longer tenure bonds as well as avoid crowding out the private sector borrowers who may also wish to access the domestic capital market.
“The House of Representatives may wish to recall that the 2020 Appropriation Act provides for N1.594 Trillion in new borrowing comprising N744 billion in domestic borrowing and N850 billion in new extern borrowing,” the letter said.
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