N850bn Loan Request By President Buhari Gets Senate Approval

N850bn Loan Request By President Buhari Gets Senate Approval

SIR 3PU April 28, 2020

N850bn Loan Request By President Buhari Gets Senate Approval

The N850Bn loan request by Nigerian President Muhammadu Buhari has been approved by the Senate after their meet up today.

 

The Nigerian lawmakers, Senate has approved N850Bn (Eight Hundred And Fifty Billion Naira Only) loan request by President Buhari to finance projects in the 2020 budget from the Capital Market.

However, on Tuesday, the senate instantly approved the request for the loan.

It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.

To be recalled that President Buhari had requested for the approval of Senate for the N850billion loanĀ to finance the 2020 budget.

The request was conveyed in a letter addressed to President of the Senate, Dr Ahmad Lawan and read at the plenary.

The President hoped in the letter to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

Meanwhile, Senator Lawan after the approval directed the Senate Committee on Finance in order to get further details of the loan, to liaise with the Minister for budget and national planning.

 

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