Nigerian Senate approves president's request for $5.51 bn in external borrowing
- Country:
- Nigeria
Nigeria's upper chamber of parliament on Tuesday approved President Muhammadu Buhari's request for $5.51 billion in external borrowing from multilateral lenders.
The borrowing is part of a revised budget for 2020. The revisions allow for the effects of the coronavirus pandemic and a sharp drop in oil prices, which has dented Nigeria's spending plans because oil sales make up 90% of its foreign exchange earnings.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Muhammadu Buhari
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