Nigerian Senate approves president's request for $5.51 bn in external borrowing

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.