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Buhari Writes Reps, Seeks Approval For Fresh $5.513bn Loan

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President Muhammadu Buhari of Nigeria has again written to the House of Representatives, asking for the approval of fresh external borrowings totalling $5.513bn.

Mr. Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the money he is seeking would be used to finance the 2020 budget deficit, other 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.

Recall that the country’s legislature 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.

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