The Nigerian senate, on Tuesday afternoon, approved a fresh N850 billion naira loan request made by President Muhammadu Buhari.
According to report senate gave accelerated approval to the request as its no longer news that the Nigerian economy has been taking huge hits as Oil prices plummetted worldwide amidst the Coronavirus pandemic.
President Buhari will now be able to request for a fresh loan of N850 billion from the domestic capital market, although the senate mandated its committees on finance, appropriation, Domestic and Foreign Debt and National Planning to liaise with the Minister of Finance, Zainab Ahmed to get more information on the loan request.
Investigations show that the loan is necessary in order to funds to finance projects in the 2020 budget. The approval was issued by the senate after Senate president, Ahmed Lawan read out a letter from the president to senators during plenary on Tuesday.
The legislative arm of government comprising of the senate and the house of representatives resumed today after being shut dor 36 days due to the Coronavirus Pandemic currently sweeping through the country.
Source: News update