Buhari's $5.5bn loan request approved by senate

The Nigeria Senate has approved the $5,513,000,000 external loan request submitted by President Muhammadu Buhari. The loan request submitted by the President last week Thursday, was approved on Tuesday. 

Senate President, Ahmad Lawan, had earlier this week asked the committee on Local and Foreign Debts to work on the loan request documents. 

The loan will be sourced from Multilateral and Bilateral Institutions; a sum of $3,400,000,000 from the International Monetary fund, while $1.5bn will be sought from the World Bank. Both initially proposed to finance the 2020 revised budget deficit.  

President Muhammadu Buhari had stated that the loan will be used to fund the revised 2020 budget, this was followed by the dwindling oil revenue attributed to COVID-19 effects. 

Also, President Muhammadu Buhari has seeked another $113 million from the Islamic Development Bank to finance partly the 2020 revised budget deficit.