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Buhari write Reps, seeks $1bn loan facility from World Bank

Buhari

President Muhammadu Buhari has written to the House of Representatives for loan approval of $1 billion for states due to the Coronavirus outbreak.

Buhari in a letter read by the Speaker, Femi Gbajabiamila said the loan will support the states to ensure food security and economic stability.

According to the letter, $500 million will be a World Bank project for “fiscal transparency and sustainability programme to provide support for states.”

The other $500 million is “COVID-19 recovery and economic stimulus programme to support the state’s effort to maintain a livelihood and ensure food stability.”

The president noted that, “States are also experiencing fiscal challenges as a result of COVID-19 pandemic.”

According to the letter, the federal government will among others also take $500 million from World Bank for the provision of critical medical supplies to combat COVID-19.

Also, another €995 million from the Export-Import Bank of Brazil to enhance the mechanization of Agriculture and Agro-processing.

Meanwhile, the House also received the amendment to the 2020 appropriation act.

Details later…

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