President Buhari Writes House Of Reps, Seeks Fresh $5.513bn Loan

The Nigerian President Muhammadu Buhari, has send a written to the House of Representatives requesting the approval of fresh external borrowing of $5.513bn.

This was revealed in a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary today. The letter said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.

Recently, National Assembly approved a loan of N850bn for the Federal Government, while another of $22.79bn which the Senate has already approved, is pending before the House.

President Buhari also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.


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