President Muhammadu Buhari has written a letter to the National Assembly for a fresh loan of $5.513 billion.
The letter was received by both chambers of the National Assembly on Thursday.
As at press time, the Senate just came out of a closed-door session, where the issue was discussed.
President Buhari proposes to borrow $5.513 billion from external sources to finance the revised 2020 appropriation and support state governments to meet their challenges occasioned by COVID-19.
He is seeking to borrow the amount from the International Monetary Fund, World Bank, African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and African Export-Import Bank.
The letter, read on the floor of the Green Chamber by the Speaker of the House of Representatives, Femi Gbajabiamila, stated that $3.4 billion of the money is to come from the IMF, $1.5 billion from World Bank, $500 million from AfDB and $113 million from Islamic Development Bank.
The loan request was referred to the House Committee on Loans and Debt for consideration.