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BREAKING: Buhari seeks fresh $5.513bn loan, writes House of Reps

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Buhari seeks fresh $5.513bn loan, writes House of Reps

President Muhammadu Buhari is seeking fresh external borrowings totaling $5.513bn and has written to the House of Representatives to request for approval.

Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 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 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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