The House of Representatives has approved the request by President Muhammadu Buhari to source ₦850 billion loan to fund part of the 2020 budget.
About a fortnight ago, the Senate also gave its nod to theThe House’s approval came after Mr Buhari wrote the green chamber seeking its approval for the ₦850 billion loan which is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”
The Buhari-led government has maintained that Nigeria has not exceeded its borrowing threshold when its debt-to-GDP ratio is considered. Although some key projects in the budget were tied to foreign loans, the ravaging impact of the coronavirus pandemic on the global economy, particularly the international capital market, made the federal government to reappraise its borrowing plans for the year., the Director-General of the Debt Management Office, Patience Oniha, said, was to decide to raise the ₦850 billion, earlier approved as external borrowing, from domestic sources.
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