Despite concern over Nigeria’s foreign and domestic debt, President Muhammadu Buhari yesterday wrote to the National Assembly seeking approval for a fresh loan of $5.5 billion.
The President in a letter read by the Speaker of the House of Representatives, Hon. Femi Gbajabiamila yesterday said the loan was to finance the 2020 budget deficit, financing of critical projects, and supporting some states of the federation. Similar letter was read by Senate President, Ahmad Lawan during the Senate plenary yesterday.
The president also presented a revised 2020 Appropriation Bill and the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly.
It would be recalled that the House of Representatives had earlier in May given approval for the president to borrow N850 billion for the government which was also approved by the Senate in April.
The N850 billion loan; according to the Debt Management Office, DMO was not new but a conversion of a planned external loan to domestic borrowing while another loan of $22.79 billion, which the Senate has already approved, is pending before the House of Representatives.
