The Senate on Tuesday approved President Muhammadu Buhari’s external loan request of $5.513 billion to finance the revised 2020 budget.
President Muhammadu Buhari’s external loan approval followed the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, Senator Clifford Odia (Edo Central) by the upper chamber.
Buhari has in his letter of request, said that the $5.513 billion external loans are to enable the Federal Government to fund the 2020 revised budget.
However, the components of the external loan which is to enable the Federal Government to execute its priority projects and for projects to support State Governments in stimulating their economy which has been adversely affected by the COVID-19 pandemic was stood down by the Senate due to lack of requisite details.