Nigerian Senate Approves Buhari’s N850bn Loan Request

Nigerian President, Muhammed Buhari’s request to the Senate to secure a fresh loan of N850 billion to fund some projects in the 2020 budget has been approved.

He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday on the floor of the upper chamber of the National Assembly in Abuja.

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.

After the letter was read, the lawmakers gave accelerated approval to the President’s request to raise the loan.