2020 Budget: Senate approves Buhari’s request for N850bn loan

The Senate has approved President Muhammadu Buhari’s request for N850 billion loan from the Capital Market to finance projects in the 2020 budget.
The senate at plenary on Tuesday, gave accelerated approval to the request for the loan.

It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.

Buhari has sought the approval of the Senate for the N850 billion loan to finance the 2020 budget.

The request was conveyed in a letter addressed to President of Senate, Dr Ahmad Lawan and read at plenary.

Earlier, Lawan in a welcome address said the resumption of plenary was aimed at sustaining solutions to the coronavirus pandemic and ensure that it does not create more problems in the country.

He said the COVID-19 pandemic has affected the 2020 budget noting that the senate was working with the executive to address the problem.

“Government has responded well under the recommendations of scientists and experts.

“Our sessions have been interrupted, but we have sustained our interventions and collaborations with other arms and agencies of government to mitigate the damage from the pandemic.

”We will continue in our efforts in the interest of our good health, the well-being of our people and the sustainable development of our nation.This pandemic has killed thousands of citizens across the world.

“We have also lost many of our dear compatriots, one of them was the Chief of Staff to the President of the Federal Republic of Nigeria, Malam Abba Kyari.

“We condole with President Muhammadu Buhari on this painful lost, just as we mourn other citizens who have died because of the disease.We pray the Almighty Allah will give their families the fortitude to bear the loss and grant them Aljanah Firdausi.

“Let me commend your collective and individual efforts in supporting the people in these uncertain times. Your counsels and gifts during this period are well documented,” he said.