Nigerian President to Ask For $30 Billion in Foreign Loans

Nigerian president, Muhammadu Buhari, has asked Parliament to approve his idea of asking for close to $30 billion in foreign loans.

The loans will be used towards re-establishing infrastructure in the company, as well as various other projects.

Nigeria is currently in the midst of a recession that has hit the African country quite hard.

Buhari is seeking $29.6 billion that will be used for various things such as railways, health, education, water resources and roads for the country.

The country is also currently facing a foreign currency crunch due to the ongoing attacks by militants on oil refineries which has also contributed to the slump in oil prices.