Harrysong Urges President Buhari To ‘Stop Borrowing Money’ To Fund Projects
Popular Nigerian artiste, Harrysong has appealed to President Muhammadu Buhari to stop borrowing money from other countries.
The music star made this known via his Instagram page on Monday, where he expressed his displeasure over plans by the government to borrow money to fund its projects.
“Buhari invest in education, it is never too late, start paying students, we need brains to sustain this country’s economy and please stop borrowing money from other countries oooooo. I dey shake ooo,” he wrote.
Harrysong’s statement is coming on the heels of the news that the International Monetary Fund (IMF) approved Nigeria’s $3.4 billion emergency loan request to assist the country to tackle the impact of the coronavirus (COVID-19) pandemic.
The loan, to be repaid within five years, is the largest allocation yet by the IMF to an African country’s bid to contain the pandemic. However, without the loan, Nigeria’s economy could shrink drastically, as the collapse of the price of crude, which makes up more than half of government revenues and 90 per cent of exports, has made it difficult to finance the 2020 budget, according to reports.
In addition, the senate had previously accelerated approval to the request by President Muhammadu Buhari to access a fresh loan of N850 billion from the domestic capital market.