Senate endorsed N850bn loan proposal by Buhari

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Senate

The Senate approved a proposal for N850 billion loan by President Muhammadu Buhari from the Capital Market to fund projects in the 2020 budget.

The senate at plenary on Tuesday gave accelerated approval to 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.

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Buhari had sought the approval of the Senate for the N850 billion loan 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.

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

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