LAGOS, Nigeria-TUE, APRIL 28 2020-theG&BJournal- The Senate in an accelerated hearing Tuesday approved the loan request for N850 billion put forward by the President, Muhammadu Buhari.
The loan is aside from the $6 billion requested earlier from the International Monetary Fund (IMF) as the coronavirus spread globally.
The Senate at the same time directed the Senate Committees on Finance and Appropriation to liaise with Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.
The request was made via a letter sent to the Senate by the President who said he seeks to raise the loan from ‘’the domestic market to ensure adequate funds to finance projects in the budget.’’
The approval, the fastest the President has gotten in recent memory, comes on the day the Senate resumed its plenary sitting after weeks of break.
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