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Senate Promptly Approves Buhari’s N850bn Loan Request

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(AFRICAN EXAMINER) – The Senate has approved the N850bn loan request made by President Muhammadu Buhari.

The loan request according the Senate President, Ahmed Lawan while reading the official communication from Mr. President, Tuesday at the plenary is meant to finance capital projects stated in the 2020 budget.

President Buhari’s request is to seek the Senate approval to raise the sum of N850bn (loan) from the domestic capital market.

The President’s letter explained that the loan would enable government to adequately finance projects in the 2020 budget.

The letter explained further that the external borrowing would be made from the domestic capital market instead of the capital international market.

In addition, the request letter indicated that the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has been directed to provide further information that may be requested by the chamber over the new external borrowing plan.

In line with the social distancing directive, the Lawmakers were seen wearing nose masks, as well as maintaining some distances from one another while the plenary lasts.


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