President Buhari Seeks For Over N2 Trillion External Loan For COVID-19, Priority Projects
Federal government also seek approval for the revised 2020-2022 mid-term expenditure framework (MTEF) which became necessary as a result of the crash in crude oil prices and the cut in the production output.
Joy Kalu 
President Muhammadu Buhari is seeking the approval of the House of Representatives to borrow funds to finance capital projects at the federal and state (to support state governors) levels in the 2020 budget.
This request was disclosed via the official twitter handle of the House of Representatives.
The president’s letter, which indicated that the fund would be sourced locally and internationally, was read on the floor of the House of Representatives by the Speaker, Femi Gbajabiamila, during plenary on Thursday, May 28, 2020.
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In the letter to the lower chamber, Buhari is also seeking approval for the revised 2020-2022 mid-term expenditure framework (MTEF) which became necessary as a result of the crash in crude oil prices and the cut in the production output.
Although the tweet did not contain the total amount of loan that is being requested, reports suggest that the President is seeking approval to borrow the sum of $5.513 billion from external sources to finance the 2020 budget deficit and support state governments to meet challenges caused by the coronavirus pandemic.
