Recession: President Buhari Approves External Borrowing Plan


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.

ALSO READ  2016 Hajj: Pilgrims Airlift Begins On Monday See List Of Airlines Disqualified And Why

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


Leave a Reply

Your email address will not be published. Required fields are marked *