President Muhammadu Buhari has written to the House of Representatives to request for the approval of fresh external borrowings of $5.513 billion.
The letter which was read at the plenary on Thursday by Speaker of the House, Femi Gbajabiamila, said the funds were for 2020 budget deficit, financing of critical projects and some states of the federation.
Senate President Ahmad Lawan read a similar letter during Senate plenary on Thursday.
Buhari 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 N850 billion for the Federal Government, while another $22.79 billion already approved by the Senate, is pending before the House.
The Debt Management Office had said the N850 billion loan was not new but a conversion of a planned external loan to domestic borrowing.
Loan, Loan and More loans..Goverment of Loans and Loans without anything to show for it. Critical projects all in the North to prepare for the eventuality of restructuring in case it happens. Our Rubber Stamp Senate will approve it because those representing us are blind and greedy. The North is way ahead with their Kaduna Mafia planning underground, while all we do in the South is to be useful idiots and noise makers.