2020 Budget: Senate approves President Buhari’s request to raise fresh N850bn loan

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2020 Budget: Senate approves President Buhari’s request to raise fresh N850bn loan

President Buhari has asked the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.

The request was made in a letter read by the Senate President, Ahmad Lawan, on the floor of the upper chamber of the National Assembly in Abuja today April 28.

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 budget.

The lawmakers unanimously approved the loan after the letter was read by the Senate President. They also mandated members of the Senate Finance and Appropriation Committees to liaise with the Finance Minister to obtain more details of the loan request.