Home Local SENATE APPROVES PRESIDENT BUHARI’S $5.513BN EXTERNAL LOAN REQUEST

SENATE APPROVES PRESIDENT BUHARI’S $5.513BN EXTERNAL LOAN REQUEST

SENATE APPROVES PRESIDENT BUHARI’S $5.513BN EXTERNAL LOAN REQUEST

The Nigerian senate has agreed to President Muhammadu Buhari’s five-point five one three billion dollar-external loan request to finance the revised 2020 budget.

Buhari had in his letter of request, said that the external loan is to enable the Federal Government to fund the 2020 revised budget, as a result of the COVID-19 pandemic.

Followed the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, by Senator Clifford Odia, the senate gave the approval.

It, however, stood down the components which are to enable the Federal Government to accomplish its priority projects and for projects to support State Governments in stimulating their economy adversely affected by the pandemic, for lack of vital details.