President Buhari writes House of Representatives, seeks approval to borrow $5.513 billion

President Buhari has written to the House of Representatives seeking its approval to borrow $5.513 billion.

The President, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the resumption of plenary on Thursday morning, May 28, said the loan will be used to finance the 2020 budget deficit, critical projects, and to also finance projects to support some state governors.

The loan request has been referred to the House Committee on loans and Debt for consideration.

The National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.