Buhari Writes House, Seeks Approval for $5.513bn Loan

Muhammadu Buhari

By Udora Orizu

President Muhammadu Buhari has written to the House of Representatives to request for the approval of fresh external borrowings totalling $5.513 billion.

The President, in the letter read by Speaker of the House of Representatives, Hon.Femi Gbajabiamila, at the resumption of plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.

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

Details later..