Zainab Ahmed, the Minister of Finance, Budget and National Planning announced that the Nigerian federal government has suspended its external borrowing plan of $22.7 billion on Monday, 16th March. She stated that it was because of the current state of the economy worldwide due to the coronavirus outbreak.
The Minister of Finance made the announcement during the 2020 International Conference on the Nigerian commodities market in Abuja yesterday after the High Court ruled for the suspension of any borrowing. The international conference was organized by the Securities and Exchange Commission (SEC).
Meanwhile, the Coalition of United Political Parties (CUPP) acting through the Action Peoples Party (APP), a registered political party, filed a petition against the Nigerian federal government including four others; the President Muhammadu Buhari, the National Assembly, Minister of Finance, Attorney General of the Federation.
The lawsuit was filed on the behalf of the Action Peoples Party (APP) on Monday, 16th of March by its lawyer Mr Chibuzor Ezike. The party is appealing for the court to nullify any approval for any external loan borrowed by the National assembly of $22.7 billion.
