Nigeria's Senate passes record 10.59 trillion naira budget for 2020

Nigeria's Senate on Thursday passed a record 10.59 trillion naira ($34.72 billion) budget for 2020, paving the way for a likely return to the international debt market next year as the country struggles to shake off the impact of a recession.

The budget for Africa's biggest economy passed by parliament's upper house assumes a deficit of 1.52% of the estimated gross domestic product - representing around 2.18 trillion naira - to be financed through foreign and domestic borrowing.