The Federal Government of Nigeria under the leadership of President Muhammadu Buhari (GCFR), has written to the House of Representatives to seek for the approval of an external borrowing of up to $5.513 billion loan.
During a plenary sitting at the lower chambers, Speaker of the House of Representatives, Femi Gbajabimiala stated that the funds were for various budgets in the present year.
This includes financing of physical projects, and allocation to various states of the federation.
This is coming after the upper chambers of the Senate had earlier approved a loan request of Eight hundred and Fifty billion naira for the Buhari led administration.
While another $22.79 billion had been approved by the senate, it is still pending at the lower chambers for final approval.
Also, the 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper, were also presented by the President for review.