Senate Approves FG Request for N850bn Loan

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By Adedapo Adesanya

Members of the upper chamber of the National Assembly on Tuesday granted the request of President Muhammadu Buhari to obtain N850 billion fresh loan to fund some projects in the 2020 budget.

The Senate had reconvened today from a forced five-week recess caused by the coronavirus pandemic.

President Buhari had asked the red chamber of the parliament for approval to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.

He made the request in a letter read by the Senate President, Mr Ahmad Lawan, on the floor on Tuesday.

According to the letter, President Buhari is asking for permission to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

After the letter was read, the lawmakers gave approval to the President’s request to raise the funds.

Following the approval, the Senate President directed the Senate Committees on Finance and Appropriation to collaborate with the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, to get more details on the loan request.

The lawmakers had gone on break since March as part of measures to curb the spread of coronavirus (COVID-19) in the country.

At the resumed plenary session on Tuesday, Mr Lawan welcomed his colleagues and gave the reason for the resumption of plenary amid the rising cases of COVID-19 in Nigeria.

Mr Lawan stated that the pandemic has affected the 2020 budget and the National Assembly has a responsibility to work with the Executive to address the problem.

He explained that the decision taken at the session was to help sustain solutions to the health crisis and ensure the crisis is kept in check, so as not create more problem for the country.

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