President Muhammadu Buhari has written to the House of Representatives on Thursday to seek the approval of new foreign loan estimated at $5.513 billion.
Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary session on Thursday, said the borrowings 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.
It will be recalled that the National Assembly had recently approved a loan of N850bn for the Federal Government, as well another of $22.79bn, already approved by the Senate but pending before the House.
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