Nigeria’s upper chamber of parliament on Tuesday approved President Muhammadu Buhari’s request for $5.51 billion in external borrowing from international 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.

The money from the International Monetary Fund, African Development Bank, World Bank and Islamic Development  Bank is to fund the deficit.

LEAVE A REPLY