Senate Approves Buhari’s Request To Raise Fresh N850bn Loan

The senate has approved, President Muhammadu Buhari’s request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.

In the 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 seeks to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

The lawmakers of the upper chamber gave accelerated approval to the President’s request to raise the loan, asking 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.