Buhari Seeks Senate’s Approval for N850bn Loan to Fund 2020 Capital Projects

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By Deji Elumoye and Chuks Okocha

President Muhammadu Buhari has sought the approval of the National Assembly to borrow N850 billion for the execution of “critical projects and programmes in the 2020 budget”.

Buhari made the request in a letter addressed to the President of the Senate, Dr Ahmad Lawan, and read at plenary after a closed-door session of the Senate on Tuesday.

The president, in the letter, explained that the external borrowing would be sourced from the domestic capital market instead of the capital international market.

He added that the Minister of Finance, Budget and National Planning, Zainab Ahmed, has been directed to liaise with the Senate Committees on Appropriation and Finance with a view to providing further information that may be requested by the upper legislative chamber over the new external borrowing plan.

Details later…