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Buhari writes Senate, seeks N850bn loan to fund 2020 budget

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President Muhammadu Buhari on Tuesday asked the Nigerian Senate to approve N850 billion loan for the Federal Government.

He said the loan would be used by his government to fund the 2020 budget.

The President’s request was contained in a letter the Senate President, Ahmad Lawan read out to the lawmakers during a
a closed session as the red chamber resumed plenary on Tuesday (today).

In the letter, President Buhari told the senators that government would raise the fresh loan from the domestic capital market instead of the capital international market.

According to him, the Minister of Finance, Budget and National Planning, Zainab Ahmed would provide further information that may be requested by the lawmakers over the fresh borrowing plan.

The Senate resumed on Tuesday after embarking on break since March 24, due to the outbreak of COVID-19 in Nigeria.

READ ALSO: EKITI: Fayemi slashes political appointees’ salaries by 50 percent

The lawmakers during today’s plenary wore face masks and maintained social distancing in their sitting arrangements.

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