Senate approves Buhari’s N850b loan request - The Nation Nigeria

President Muhammadu Buhari’s request to raise N850 billion from the domestic capital market got an accelerated approval from the Senate on Tuesday.The request was contained in a presidential memo read by Senate President Ahmad Lawan on the floor of the Red Chamber Senate.

“However, recent developments in the global economic environment as a result of the Coronavirus pandemic and the decline in international oil prices have made it less attractive to borrow from the international capital markets at this time. “Presently, the conditions in the domestic capital market are favourable in terms of availability of funds and relatively low interest rates.“I have directed the Minister of Finance, Budget and National Planning to make herself available to provide any additional information or clarification which you may require.

Also on Tuesday, the Senate considered a motion titled: “COVID-19 Pandemic: Reviewing the National Response to the challenges and the way forward.”

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