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Senate approves Buhari’s $5.5bn external loan request

The Nigerian Senate has approved President Muhammadu Buhari’s $5,513,000,000 external loan request.

The DAILY VENDOR learnt that the Senate gave the approval on Tuesday.

The Senate President, Ahmad Lawan, while reading the letter which accompanied the loan request last week Thursday, asked the Committee on local and foreign debts to work on the document.

According to the President, the loan request would enable his regime to fund the revised 2020 budget following the dwindling oil revenue occasioned by the effects of the COVID-19 pandemic.

The Chairman of the Senate Committee on Local and Foreign Debts, Senator Clifford Ordia, read the report of his panel which was approved by the Senate.

The loan which would be sourced from Multilateral and Bilateral Institutions are $3,400,000,000 from the International Monetary Fund which was proposed to finance the 2020 revised budget deficit.

It also sought $1.5bn from the World Bank, which would also be used to finance the 2020 revised budget deficit.

The panel noted that the terms and conditions of the loans from each lender were as contained in a duly executed Loan Agreements that would be forwarded to the National Assembly for proper documentation.

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