The Senate has approved the N850 billion loan request of President, Muhammadu Buhari which was read at the plenary on Tuesday .
The loan request is to finance projects in the 2020 budget .
The President had asked the Senate to approve N850 billion loan for the Federal Government to enable his regime to fund the 2020 budget .
The Senate President , Ahmad Lawan , read the letter after a closed session with members when the red chamber resumes plenary on Tuesday .
Buhari , according to the official communication , is seeking the approval of the senate to raise a fresh loan of N850 bn from the domestic capital market .
The President said the loan would enable his government to adequately finance projects in the 2020 budget .
The Senators wore face masks in the chamber and they also maintained social distancing by keeping two seats between one another.
The President , in the letter , explained that the external borrowing would be made 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 provide further information that may be requested by the upper legislative chamber over the new external borrowing plan .
