The Nigerian Senate has approved the fresh N850bn loan request by President Muhammadu Buhari to fund some projects in the 2020 budget.
The request was contained in a letter to the National Assembly, which was read by the Senate President, Ahmad Lawan, on Tuesday.
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.
After the letter was read, the lawmakers gave accelerated approval to the President’s request to raise the loan.
They also asked the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.
Earlier the lawmakers resumed plenary on Tuesday morning after spending 36 days at home following the outbreak of Coronavirus in the country.