Buhari seeks senate approval for 850B loan

President Muhammadu Buhari has written to the Senate President, Ahmad Lawan, asking the upper legislative chamber to approve a fresh N850 loan request.

Buhari said the loan would be used to fund part of the 2020 budget.

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Buhari explained that the external borrowing would be made from the domestic capital market instead of the capital international market.

The president said he had directed the Minister of Finance, Budget and National Planning, Zainab Ahmed, to provide further information required by the Senate to facilitate approval of the loan request.

The Senate had just resumed plenary on Tuesday after several weeks of shutting down due to the outbreak of Coronavirus in the country.