Nigerian President Muhammadu Buhari’s request on Tuesday for a fresh N850bn loan got express approval from the Senate.
The loan is expected to come from the domestic capital market.
Buhari had, in a letter advanced to the upper chamber of the National Assembly, stated that the fund would enable his administration to adequately finance projects in the 2020 Budget.
Without batting an eyelid, the Senate approved of the president to raise the required fund from the capital market.
President of the Senate, Ahmed Lawan, read the details of the letter from Buhari seeking approval to secure domestic capital funding and, soon after, approval was given.
The upper chamber of the legislature further directed its committees on finance, appropriation, domestic and foreign debt, as well as national planning, to liaise with the Minister of Finance, Budget and National Planning, Zainab Ahmed, for details on the loan.
Buhari had in the letter stated that the finance minister would furnish the Senate with details of the new borrowing plan.