President Muhammadu Buhari seeks fresh $5.513bn loan

By Ifunanya Obeme-Ndukwe

The President of Nigeria, Muhammadu Buhari has written to the House of Representatives requesting for the approval of a $5.513bn loan.

The letter was read by the Speaker of the House of Representatives, Femi at the plenary on Thursday.

The letter further read that the funds were for the 2020 budget deficit, financing of critical projects, and for some states.

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

The National Assembly had recently approved a loan of N850bn for the Federal Government. Meanwhile a $22.79bn loan already approved by the Senate is pending before the House.

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