SERAP urges Malpass to reopen a discussion on the reportedly approved $800m loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.
The government plans to increase its development spending slightly in the upcoming fiscal year due to the narrow fiscal space, the dollar crisis, the conditions attached to the IMF’s loan programme, and higher expenses on subsidies and interest payments.