On Tuesday, the Senate quickly approved a request from the President Muhammadu Buhari borrow N850 billion to finance the 2020 budget.
President Buhari, in a letter read in the plenary of parliamentarians on Tuesday, by Senate President Ahmad Lawan, asked for the loan to be approved.
He said the loan would allow his government to finance the projects contained in the 2020 budget.
In the letter, President Buhari asked senators to increase the new loan from the domestic capital market, instead of the international capital market.
According to him, the Minister of Finance, Budget and National Planning, Zainab Ahmed, would provide more information that can be requested by legislators about the new financing plan.
The loan was subsequently approved by parliamentarians who resumed the plenary on Tuesday after embarking on vacation since March 24, due to the outbreak of COVID-19 in Nigeria.
Join the conversation