The Federal Government of Nigeria has suspended its plan to borrow $22.7 billion loan due to current realities ravaging the global economic landscape.

The Minister of Finance, Mrs. Zainab Ahmed reveal this at the 2020 International Conference on Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, the Minister stated that the Federal government would not go ahead with the borrowing even if it the National Assembly approves it.

She said, “The parliament is still doing its work on the borrowing plan. One arm of the parliament has completed theirs and the other arm is still working and it is a process that is controlled by the parliament itself, so we are waiting.

“However, we are not going out immediately because the market indication is not in favor of external borrowing at this time. Even if we get approvals we will defer it and watch the market and go out only when the timing is right.”

She disclosed that the current challenges in the global economy had brought to the fore the need for the country to develop a non-oil attitude to everything.

According to her, the Federal Government planned to prioritize expenditure in favour of major capital expenditures that would have greater impact, and which would create job and visibility and also enhance the ease of doing business in the country.