President Muhammadu Buhari’s new loan of N850bn has been approved by the Nigerian Senate the loan is meant to fund some projects in the 2020 budget.
The request was contained in a letter to the National Assembly, which was read by the Senate President, Ahmad Lawan, 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 budget.
Just after the reading of the letter, the lawmakers gave accelerated approval to the President’s request to raise the loan.
They also asked the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.
Earlier the lawmakers resumed plenary on Tuesday morning after spending 36 days at home following the outbreak of Coronavirus in the country. This shows great improvement in the country’s economy as in 2016, the Senate did not pass the loan request of the executive at that time and the reason was because there were no sufficient details.