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.

President Buhari has in his letter of request, said that the $5.513 billion external loan is to enable the Federal Government fund the 2020 revised budget.

However 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, was stood down by the Senate due to lack of requisite details.

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BREAKING: Senate approves Buhari’s $5.513bn external loan