President Buhari

Adebayo Obajemu

In a season of economic meltdown, compounded by Coronavirus pandemic and dipping oil price, President Muhammadu Buhari has again written to the Senate and the House of Representatives, seeking their assent for a fresh loan of $5.513 billion.

The President in a letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the loan was to finance the 2020 budget deficit, financing of critical projects, and supporting some states of the federation.

A similar letter was read by Senate President Ahmad Lawan during the Senate plenary, on Thursday.

Recall that the house had earlier in May given approval for the president to borrow N850 billion for the government. The Senate earlier approved the N850 billion in April.

That N850 billion loan, according to the Debt Management Office, was not new but a conversion of a planned external loan to domestic borrowing.

Another loan of $22.79 billion, which the Senate has already approved, is pending before the House.

Details later