2020 Budget: Buhari Seeks Senate Approval For Fresh N850bn Loan

President Buhari
President Buhari

President Muhammadu Buhari has asked the Senate to approve his request to raise a fresh loan of N850 billion to fund some projects in the 2020 budget.

Buhari made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday on the floor of the upper chamber of the National Assembly in Abuja five weeks after going on recess.

Also Read: National Assembly Resumes Plenary After Five-Week Recess

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

Recall that some weeks ago, Nigeria reduced its 2020 budget over new economic realities brought about by the Coronavirus pandemic from. N10.594 trillion to N10.276 trillion.