Buhari seeks Reps’ approval for new $5.513bn external loan

President Muhammadu Buhari has requested for the House of Representatives’ approval to secure the total sum of $5.513 billion new external borrowings.

The request was contained in a letter sent to the Speaker, Hon. Femi Gbajabiamila which was read during the emergency plenary session, to consider the revised 2020 Appropriation Act.

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According to Buhari, the proposed external borrowing is to finance the 2020 budget deficit, 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.

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