Nigerian President Muhammadu Buhari has written to the National Assembly seeking a fresh $5.513bn external loan to finance the revised 2020 budget.

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

Senate President, Ahmed Lawan, also read the letter to senators during plenary on Thursday.

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