Nigeria’s upper legislative Chamber, the Senate has given consent to President Muhammadu Buhari’s N850billion loan request after it was read at the plenary Tuesday. The loan request is to finance projects in the 2020 budget.
President Muhammadu Buhari had asked the Senate to approve N850 billion loan for the Federal Government to enable his regime fund the 2020 budget.
Senate President, Ahmad Lawan, read the letter after a closed session with members when the red chamber resumed plenary on Tuesday.
According to the official communication, Buhari was seeking the approval of the senate to raise a fresh loan of N850bn from the domestic capital market.
The President said the loan would enable his government to adequately finance projects in the 2020 budget.
In the letter, President Buhari explained that the external borrowing would be made from the domestic capital market instead of the capital international market.
He stated that the Minister of Finance, Budget and National Planning, Zainab Ahmed, had been directed to provide further information that may be requested by the upper legislative chamber over the new external borrowing plan.