Recession: President Buhari Approves External Borrowing Plan

Buhari

The presidency on Thursday said it had approved an external borrowing plan after the cash-strapped African economy plunged into official recession.

“Low cost, long-term loans (1.25% interest, 20yr tenor)” would be sought from the World Bank, African Development Bank, China’s Exim Bank and the Japan International Cooperation Agency, it announced.

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A Eurobond would also be offered “in due course” and parliament has still to sign off on the plan, President Muhammadu Buhari’s office added in a series of tweets.

 

 

 

Source: Naijaloaded

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