Your View, June 1, 2020

Days after President Muhammadu Buhari called for debt cancellation for needy countries, he has sent a letter to the National Assembly for another foreign loan request.

Muhammadu Buhari in a letter addressed to the President of the Senate, Ahmad Lawan, read at plenary on Thursday has sought the approval of Senate for an external loan of $5.513 billion dollars to fund the revised 2020 Appropriation Act.

Buhari in the letter said the loan which would be sourced from the multilateral organisations would be used to finance the revised 2020 budget and priority projects of the Federal Governments.

He said the loan became necessary given required funding of the revised 2020 budget and moves to insulate the nation’s economy from the COVID-19 pandemic.

What exactly is going on and what do you think about this?

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