Borrow-Borrow: Buhari Seeks Fresh $5.5 Billion Loan To Finance 2020 Budget

Borrow-Borrow: Buhari Seeks Fresh $5.5 Billion Loan To Finance 2020 Budget

By Doyin Ajayi | Sub-Editor on May 28, 2020
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Buhari provost
President Buhari inaugurates Advisory Committee of the Niger Delta Development Commission (NDDC) in State House on 10th Mar 2020 | State House Photo

The House of Representatives has received another letter from President Muhammadu Buhari seeking approval of his decision to borrow another $5.513 billion.

The letter was read on the floor of the House by the speaker, Femi Gbajabiamila, at the plenary on Thursday, May 28, 2020.

Buhari said the funds were for the 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 National Assembly had recently approved a loan of N850 billion for the Federal Government, while another of $22.79 billion, which the Senate has already approved, is pending before the House.

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