The Senate on Tuesday approved President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget.
The approval followed the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, Senator Clifford Odia (Edo Central) by the upper chamber.
The Senate however stood down the components of the external loan, which is to enable the Federal Government execute its priority projects and for projects to support state governments in stimulating their economy, which has been adversely affected by the COVID-19 pandemic.
According to the Senate the components were stood down by the Senate due to lack of requisite details.
Buhari had, in his letter of request, said the $5.513 billion external loans is to enable the Federal Government to fund the 2020 revised budget.