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Senate approves Buhari’s request for N850bn loan to finance 2020 budget



The Senate on Tuesday gave a speedy approval to a request by President Muhammadu Buhari to borrow N850billion to finance the 2020 budget.

President Buhari had in a letter read at the plenary of the lawmakers on Tuesday, by Senate President Ahmad Lawan, sought for the approval of the loan.

He said the loan would enable his administration to fund the projects contained in the 2020 budget.

In the letter, President Buhari asked the senators to raise the fresh loan from the domestic capital market instead of the international capita 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.

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The loan was later approved by the lawmakers who resumed plenary on Tuesday after embarking on break since March 24, due to the outbreak of COVID-19 in Nigeria.

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