President Muhammadu Buhari has written to the House of Representatives to seek for the approval of fresh external borrowings totalling $5.513bn to finance the revised 2020 appropriation and support state governments.
In the letter read at Thursday’s plenary by the Speaker, Femi Gbajabiamila, Buhari said the funds would take care of 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 loans would be borrowed from the International Monetary Fund, the World Bank, African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.
Meanwhile, the House has referred the request to the House Committee on Loans and Debt for consideration.
