Senate approves FG request for N850b loan

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NIGERIAN Senate today gave accelerated approval to President Muhammadu Buhari’s request to raise a fresh loan of N850 billion from the domestic capital market to finance projects in the 2020 budget.

  To facilitate the approval, Senate mandated its Committees on Finance, Appropriation, Domestic and Foreign Debts and National Planning to liaise with Federal Minister of Finance, Zainab Ahmed, to get more details on the loan request.

  The approval was given soon after the President of the Senate, Ahmad Lawan read a letter from President  Buhari, seeking for the approval to go for fresh loan of N850 billion from the Domestic Capital Market.

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  Earlier, Senators resumed plenary this morning after spending 36 days at home following the outbreak of COVIC-19 pandemic in the country.

  Soon after the plenary commenced at 10:30am, Senators went into a closed-door session that ended around 12.02pm.

  Also in compliance with social distancing, Senate suspended Order 11 of Senate Standing Order as Amended. This was to enable senators speak from seats not belonging to them.

  Sponsors of the motion are the Senate Majority Leader, Senator Yahaya Abdullahi, (APC-Kebbi North) and Minority Leader, Senator Enyinnaya Abaribe (PDP- Abia South). Other co-sponsors were Senators Yahaya Oloriegbe (APC-Kwara Central); Sabi Aliyu Abdullahi (Niger North) and Chukwuka Utazi (PDP-Enugu North).

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