FG Suspends Plan to Borrow $22.7 billion.

The Federal Government of Nigeria has suspended its plan to borrow $22.7 billion, the Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed on Monday.

The Minister disclosed this at the 2020 International Conference on the Nigerian Commodities Market organized by the Securities and Exchange Commission (SEC) in Abuja.

She disclosed that decision to jettison the plan was taken “due to current realities in the global economic landscape.”

The Minister said that the Federal Government of Nigeria would not even be keen to proceed with the borrowing plan even if the National Assembly gave approval for it to go ahead.

It can be recalled that the Senate has given approval of the borrowing plan, while the House of Representatives has been debating on it.

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