Senate approves Buhari’s N850bn loan request to fund 2020 budget

Forums Corona Virus News and Update Senate approves Buhari’s N850bn loan request to fund 2020 budget

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    THE Senate, yesterday, approved President Muhammadu Buhari’s request for a loan of N850 billion to fund the 2020 budget, which is threatened by falling crude oil prices. To fight the prevailing COVID-19 pandemic, the Upper Chamber of the National Assembly asked the Federal Government to rejig its implementation strategy and set aside 10 per cent of Nigeria’s Gross Domestic Product, GDP, as a stimulus package for investment in healthcare, education, agriculture and solid minerals among others.

    These were some of the decisions the Senate took yesterday upon resumption from 36-day recess induced by the outbreak of the COVID-19 pandemic.

     

    President Buhari had asked the National Assembly to approve N850 billion loan, to be raised from the domestic capital market to fund the 2020 budget.

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    emmanuel
    Participant

    I hope this loan will be utilize very well most especially to fix our healthcare centers so that poor people can also benefit.

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