The Senate on Tuesday has granted President Buhari’s $5.513bn external loan request.
According to Buhari, the loan will be used in funding the revised 2020 budget, execute high priority projects on both Federal Government and state levels to stimulate the economy of state governments which has suffered due to COVID-19 Pandemic.
The approval was given after a review of the comprehensive report read by Senator Clifford Odia of the Senate Committee on Local and Foreign Debts, The Nation reports
This is coming after the National Assembly approved a loan request totalling N850 billion for the Federal Government.
Also, the Internationa Monetary Fund (IMF) recently approved $3.4 billion dollars to Nigeria on April 28, 2020 as financial assistance to help the nation combat COVID-19 Pandemic.
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