Buhari Writes Reps, Seeks Approval Of $5.513bn Loan

Channels Television  
Updated May 28, 2020
President Muhammadu Buhari at his office in the Presidential Villa in Abuja on March 26, 2020. Photo: Twitter- @NGRPresident


President Muhammadu Buhari has written to the House of Representatives, seeking the approval of a  fresh $5.513bn loan. 

Speaker of the House of Representatives, Femi Gbajabiamila, read the letter at plenary on Thursday.

The President in his letter said the loan was to finance the 2020 budget deficit, finance critical projects of the State and Federal Government.

Senate President, Ahmed Lawan also read a similar letter during plenary on Thursday.

The President further presented a revised 2020 Appropriation Bill and the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly.

Earlier in May, the House had given approval to the President to borrow N850 billion for the government.

The Senate gave the approval of the said amount in April.