President Buhari write Reps, seeks approval to borrow fresh $5.513 billion loan

President Muhammadu Buhari has written to the Senate and the House of Representatives, seeking approval for a fresh $5.513 billion loan.

President Buhari in a letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday morning, said the loan is to be used to finance the 2020 budget deficit, critical projects, and supporting some states in Nigeria.

A similar letter was read by Senate President Ahmad Lawan during the Senate plenary, on Thursday.

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The president also presented a revised 2020 Appropriation Bill and the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly.

The loan request is said to have been referred to the House Committee on loans and Debt for consideration.

Recall that earlier in May, the house approved for the president to borrow N850 billion for the government.

Another loan of $22.79 billion, which the Senate has already approved, is pending before the House