Buhari Writes Reps, Seeks Fresh $5.513bn Loan

President Buhari
President Buhari

Few days after the national assembly approved a loan of N850bn for the Federal Government, the President Muhammadu Buhari led administration has once again written a letter to the house of representatives seeking approval of fresh external borrowings totalling $5.513bn.

The letter which was addressed to the speaker of the house, Femi Gbajabiamila was read at the plenary on Thursday.

According to the letter, the funds are for 2020 budget deficit, financing of critical projects, and some states of the federation.

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

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