President Muhammadu Buhari forwarded a letter to the House of Representatives to seek for the approval to borrow $5.513 billion.
Recall that 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.
In the letter which was read by the Speaker of the House of Representatives, Femi Gbajabiamila at the resumption of the plenary on Thursday morning, May 28, the President 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 Debt Management Office had said the N850 billion loan was not new but a conversion of a planned external loan to domestic borrowing.