Senate Approves Buhari’s Request To Raise Fresh N850bn Loan to finance 2020 Budget

Nigerian Senate has approved the fresh N850bn loan request by President Muhammadu Buhari to fund some projects in the 2020 budget.

Mr President made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday on the floor of the upper chamber of the National Assembly in Abuja.

The President said the loan would enable his government to adequately finance projects in the 2020 budget and seeks to raise the loan from the domestic capital market instead of the capital international market.

After the letter was read, the lawmakers gave accelerated approval to the President’s request to raise the loan.

They also asked the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.

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The Senators wore face masks in the chamber and they also maintained social distancing by keeping two seats between one another.

The red chamber had gone on break since March as part of measures to curb the spread of  (COVID-19) in the country.

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