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Buhari Writes House of Reps, Seeks Approval to Borrow $5.513 Billion


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

The letter was read by the Speaker, House of Representatives, Femi Gbajabiamila at the resumption of plenary on Thursday morning, May 28.

According to President Buhari’s letter, 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 request for a new loan is coming after the National Assembly 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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