Similarly, the Lower Chamber, on Wednesday, April 29, 2021, approved President Buhari’s request to take $7.031 billion and 995 million Euros external loans. This was followed by the approval of $1.5 billion external borrowing to finance state governments facing fiscal challenges arising from the COVID-19 pandemic. German Development Bank was to provide $200 million at 15 years maturity, five years grace period, 3. A breakdown of the approved loans includes: $350 million World Bank Development Policy Operation loan for Kaduna and $110 million Islamic Development Bank Health Systems Projects Loan for Buhari’s state, Katsina. The committee, however, observed that out of the total borrowing of $22,898,446,773 as contained in the October 2019 reforwarded request of President Buhari, $17,065,496,773 is for funds proposed to be borrowed from China Exim- bank Bank.

Source: Nigerian Tribune July 18, 2021 04:30 UTC