Nigeria’s Buhari Cries To Reps, Seeks Fresh $5.513bn Loan

The President of Nigeria Muhammadu Buhari has again written to the House of Representatives to request for the approval of fresh external borrowings totalling $5.513bn on Thursday.

After the National Assembly of Nigeria had 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 Buhari request for fresh borrowings which surpasses $5bn.

Femi Gbajabiamila said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.

The country President also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

At the time of this report, Nigerians have taken to social media to reacts to the report.