Nigeria Suspends the $22.7 Billion Loan

Nigeria Suspends the $22.7 Billion Loan

Nigeria suspends the $22.7 billion loan, Vanguard reports. Call this a casualty of coronavirus. Largely, most of the lenders will focus on fixing their nations after the mess of coronavirus to care about sending money to Nigeria. More so, there is no evidence that the agitation of the South East which was excluded in this loan contributed to this suspension. My hope is that Mr. President does the needful, and puts some projects for the South East as that is fair. That is important since suspension is not cancellation. Yes, this project can be restarted in the night when everyone is sleeping thinking it was “suspended”.

The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape. Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, Ahmed stated that the government would not go ahead with the borrowing programme even if it secures the approval of the National Assembly.

The finance minister explained that the decision of the government to suspend the borrowing was due to the fact that market indices do not support external borrowings at the moment

 

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2 thoughts on “Nigeria Suspends the $22.7 Billion Loan

  1. Who even have money to lend to developing countries? The grownups are bleeding and crying, what do you think would be the fate of kids?

    I hope there won’t be new toys for the ‘honourables’ again? Because that one doesn’t require suspension, but outright cancellation.

    What is ahead ranges from scary to trepidation. We know that some countries will come out worse off than others, what we don’t know yet is where Nigeria will swing on the pendulum.

    In God we trust.

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