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.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.