President Muhammadu Buhari has written to the House of Representatives as well as the Senate to request for the approval of fresh external borrowings of $5.513bn.
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.
Meanwhile at the Red chamber, the Senate President referred the 2020-2022 revised MTEF to the Senate Committee on Finance, while the loan request was referred to the Senate Committee on Foreign and Local Debts for further legislative work and to report back on Tuesday next week.
The Senate also suspended its relevant rules to take a second reading of the revised 2020 Appropriation Bill.
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.
