President Muhammadu Buhari has written to the Green Chambers to asked for the permission of fresh external borrowings amounted to $5.513bn.

President Muhammadu, in the letter read by Femi Gbajabiamila, the Speaker of the House of Representatives at the plenary on Thursday, disclosed that 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, The National Assembly had recently signed a sum of N850bn loan for the Federal Government, while another loan of $22.79bn, which the Senate has already signed, is still on the table before the House of representatives.

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