The Nigerian Senate has approved the N850billion loan request of President Muhammadu Buhari. The loan request is to finance projects in the 2020 budget.
Ahmad Lawan, the Senate President, read the letter after a closed session with members when the red chamber resumes plenary on Tuesday.
According to the letter, President Buhari seeks to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the 2020 budget.
The lawmakers gave accelerated approval to the President’s request to raise the loan, after the letter was read.
Zainab Ahmed, the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, was also asked to get more details on the loan request.
President Buhari’s request was granted following the senators’ resumption from a recess which lasted about five weeks.