President Buhari Soughts loan of #850b from Senate to fund 2020 Budget

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By Joy Odor

President Muhammadu Buhari on Tuesday sought the approval of Senate for additional loan request of N850 billion for funding of 2020 budget.

The request of Buhari is conveyed in a letter addressed to President of Senate, Ahmad Law an and read at plenary on Tuesday.

Buhari in the latter said the purported domestic fresh loan would be sourced from the Nigerian Capital Market to finance projects in the 2020 budget.

The senate having suspended its order 11, which allowed senators to speak from seats not allocated to them, and order 1a and b gave accelerated deliberations to letter.

The senate after deliberations, also gave accelerated approval to the loan request of President Buhari.

It mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Zainab Ahma on details on the loan request.

Earlier at plenary, President of Senate ,Ahmad Lawan in a welcome address to his colleagues said the resumption of plenary was to help sustain solutions to the health crisis and ensure the crisis does not create more problems in the country.

He said the COVID-19 pandemic has affected the 2020 budget noting that the senate was working with the executive to address the problem.

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