…….The Senate on Tuesday granted approval to President Muhammadu Buhari to borrow N850 billion to finance the 2020 Budget.
This is aside the Federal Government’s N500 billion economic stimulus package to cushion the debilitating impact of the Coronavirus pandemic, which is likely to be reviewed upward.
Buhari had approached the Senate seeking approval for the loan in line the with provisions of the 1999 Constitution.
The President’s request was contained in a letter read on the floor of the Senate by the President of the Senate, Ahmad Lawan.
According to Buhari, the fresh loan will be sourced from the Nigerian Domestic Capital Market to help fund critical capital projects.
Buhari said in the light of the global economy, it was prudent to source the new loan from the domestic market at this time, pointing out that the conditions were quite favourable.
The Senate considered Buhari’s request and unanimously granted approval.
The lawmakers however directed its relevant committees to liaise with the Minister of Finance, Budget and National Planning, Zainab Ahmed, on the modalities for the loan.