House of Representatives approves Buhari’s N850bn loan

House of Representatives approves Buhari’s N850bn loan

- The House of Representatives has made its decision in respect to President Muhammadu Buhari's N850 billion loan request

- During its plenary on Tuesday, May 12, the lower chamber approved President Buhari's loan request

- The fund has been slated for the catering of the 2020 budget

The N850 billion loan requested by President Muhammadu Buhari was on Tuesday, May 12, approved by the House of Representatives.

The loan was requested by President Buhari for the purpose of funding the 2020 budget.

The approval by the Green Chamber was given during its plenary held in Abuja on Tuesday.

Earlier, Legit.ng reported that the Senate had resolved to give accelerated approval to President Buhari’s request to raise a fresh loan of N850 billion from the domestic capital market to fund projects in the 2020 budget.

President Buhari's request was contained in a presidential memo read by the president of the Senate, Ahmad Lawan, on the floor of the Senate on Tuesday, April 28.

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After the letter was read, the lawmakers gave accelerated approval to the president’s request to raise the loan.

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The upper chamber also mandated it’s Finance and Appropriation Committees to liaise with the minister of finance, budget and national planning, Zainab Ahmed, to obtain more details of the loan request.

Legit.ng gathered that President Buhari’s loan request was granted accelerated approval following the senators’ resumption from a recess which lasted about five weeks due to the COVID-19 pandemic.

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The lawmakers had gone on break since March as part of measures to curb the spread of coronavirus (COVID-19) in the country.

At the resumed plenary, the Senate president welcomed his colleagues and gave the reason for the resumption of plenary amid the rising cases of COVID-19 in the country.

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Lawan explained that the decision was to help sustain solutions to the health crisis and ensure the crisis does not create more problems for the government and its people.

He further stated that the pandemic has affected the 2020 budget and the National Assembly has a responsibility to work with the executive to address the problem.

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Source: Legit

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