Buhari gets N850billion loan approval from Senate

The President, Major General Muhammadu Buhari (retd.) loan request of the sum of N850billion has been approved by the Senate during Tuesday's plenary.

Punch reports that the loan is to enable Buhari's regime to effectively finance projects in the 2020 budget.

The Senate President, Ahmad Lawan, read the letter after a closed session with members when the red chamber resumes plenary on Tuesday.

Buhari, according to the official communication, is seeking the approval of the senate to raise a fresh loan of N850bn from the domestic capital market, the Punch report added.

The President, in the letter, explained that the external borrowing would be made from the domestic capital market instead of the capital international market.

He added that the Minister of Finance, Budget and National Planning, Zainab Ahmed, has been directed to provide further information that may be requested by the upper legislative chamber over the new external borrowing plan.

Details later…