The Nigerian Sanate has resolve to approve and accelerate N850 billion loan requested by President Buhari, it was stated that the Senate held a plenary Session today.
The loan which is to come from the domestic capital market to fund projects in the 2020 budget.
The request was contained in a Presidential memo read by the Senate President, Ahmad Lawan on the floor of the Senate.
The upper chamber also mandated it’s Finance and Appropriation Committees to liaise with the Finance Minister to obtain more details of the loan request.
The downfall of oil price has affected the Nigerian economy and they may find it hard to find the 2020 budget hence the need for the loan.