The Senate has given accelerated approval to President Muhammadu Buhari’s request to raise a fresh loan of N850 bn from the domestic capital market to fund projects in the 2020 budget.
Naija News reported that the request was contained in a Presidential memo read by the Senate President, Ahmad Lawan on the floor of the Senate.
speaking after the loan was approved, Lawan explained that the decision was to help sustain solutions to the health crisis and ensure the crisis does not create more problems for the government and its people.
Senator Lawan stated that the pandemic has affected the 2020 budget and the National Assembly has a responsibility to work with the Executive to address the problem.
The upper chamber also mandated it’s Finance and Appropriation Committees to liaise with the Finance Minister to obtain more details of the loan request.