President Muhammadu Buhari’s loan request of N850 billion, meant to finance projects in the 2020 budget, which was read at the plenary on Tuesday, has been approved by the senate.

The Punch reports that, in order for Buhari to enable his regime fund the 2020 budget, he asked the Senate to approve N850 billion loan for the Federal Government.

The Senate President, Ahmad Lawan, read the letter after a closed session with members when the red chamber resumes plenary on Tuesday.

According to the official communication, Buhari is seeking the approval of the senate to raise a fresh loan of N850bn from the domestic capital market.

Speaking on the new development, Buhari said the loan would enable his government to adequately finance projects in the 2020 budget.

Considering the drastic spread of the covid-19 pandemic, the Senators had their face masks on, in the chamber and they also maintained social distancing by keeping two seats between one another.

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

He also said, that the Minister of Finance, Budget and National Planning, Zainab Ahmed, has been directed to provide further information that may be requested by the upper legislative chamber over the new external borrowing plan.