Breaking: President Buhari requests House approval for fresh $5.513 billion

President Muhammadu Buhari

The Presidency says it will require additional fresh external loan of $5.513 billion to finance 2020 budget deficit.

In a letter addressed to the House of Representatives to seek approval and read during Thursday’s plenary by the Speaker, Rt. Honourable Femi Gbajabiamila, President Muhammadu Buhari appealed that the fresh funds will be used to fund the 2020 budget deficit, finance critical projects and some States needing financial assistance.

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As part of his correspondence to the House, President Buhari presented a reviewed 2020 Appropriation Bill and 2020-20222 Medium Term Expenditure Framework and Fiscal Strategy Paper.

While another $22.79 billion request is still pending before the House, recall that the National Assembly had recently approved a loan of N850 billion for the use of the Federal Government.


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