President Muhammadu Buhari has sought the approval of the House of Representatives to borrow $5.513bn externally to finance the 2020 budget deficit.

The Nigerian leader sought the approval in a letter written to the Speaker of the House of Representatives, Femi Gbajabiamila, which was read at the plenary on Thursday.

According to the President, the loan will also finance critical projects and support state governments to meet their challenges occasioned by COVID-19.

The President also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.