FINANCE

Senate Approves President Buhari’s Loan Request_Ada Nkong

President Muhammadu Buhari’s request for the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget has been approved.
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The request was contained 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.

In the letter, President Buhari sought to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.
The lawmakers who gave accelerated approval to the President’s request 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.

The lawmakers who had been on break since March as part of measures to curb the spread of coronavirus resumed sitting today.
The Senate President who welcomed his colleagues to the resumed plenary said the reason for the resumption of plenary amid the rising cases of COVID-19 in Nigeria.

He explained that it was to help proffer solutions to the pandemic and ensure the crisis does not create more problems for the government and its people.

Senator Lawan stated that the pandemic has affected the 2020 budget and the National Assembly has a responsibility to work with the Executive to address the problem.

Meanwhile to maintain social distancing, the Senate Leader, Senator Abdullahi Yahaya, moved a motion to suspend Order 11 to enable senators to speak from seats not belonging to them.

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