The House of Representatives is set to approve the request by President Muhammadu Buhari to source a loan amounting to N850 billion to fund some part of the 2020 budget.
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This follows the receipt of a report of its committee headed by Alhassan Ado which recommended the approval of the request earlier sent to the House by the president.
The committee recommended that the House should: “Approve the request to raise N850 billion in the new external borrowing plan in the 2020 Appropriations Act in naira from the Domestic Capital Market”.
President Muhammadu Buhari had written a letter to the House of Representatives, seeking their approval for a N850 billion loan.
According to the letter, the N850 billion loan is to be sourced from domestic capital market to finance critical projects in the 2020 budget.
The president had earlier sought the Senate’s approval for the loan to fund some projects in the 2020 budget.
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