Senate endorses Buhari’s request for N850bn fresh loan

The Senate of Nigeria National Assembly at the resumed plenary on Tuesday gave express approval to the request of President Muhammadu Buhari for N850 billion fresh loan to fund the 2020 budget.

The president had sent a letter to the Senate requesting approval to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.

The President of the Senate, Ahmad Lawan, reading the letter on Tuesday, noted that President Buhari seeks to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

The senators did not hesitate to give speedy approval to the President’s request.

The lawmakers in the Upper Chamber of the National Assembly  immediately directed the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to obtain more details on the loan request.

The senators had been on emergency recess since March as means of containing the spread of coronavirus (in the country.