President Buhari Seeks Fresh $5.513bn Foreign Loan For COVID-19, Other Projects; Writes House of Representatives

President Muhammadu Buhari has written to the House of Representatives seeking approval of his decision to borrow another $5.513bn.

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

Buhari said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.

The President 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 ₦850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.