Buhari writes Reps over approval of fresh $5.513bn loan/ Buhari

The President Muhammadu Buhari has written to the House of Representatives asking the lower legislative chamber to approve his request for a fresh $5.513bn loan.

Speaker of the House of Representatives, Femi Gbajabiamila, made this known on Thursday during the day’s plenary.

According to the letter read by the Speaker, 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.

Buhari’s new loan request comes after the National Assembly recently approved N850bn loan for the Federal Government and another of $22.79bn, already approved by the Senate but waiting for the consideration of the House.