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UPDATE 1-Nigerian Senate approves president's request for $5.5 bln in external borrowing

Published 02/06/2020, 16:48
Updated 02/06/2020, 16:54
UPDATE 1-Nigerian Senate approves president's request for $5.5 bln in external borrowing

(Adds details, quotes)
By Camillus Eboh
ABUJA, June 2 (Reuters) - 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.
"As regards the IMF loan, there are no usual onerous
conditions for borrowing, such as currency devaluation and
deregulation of certain sectors of the economy attached to this
loan," a Senate committee on the loans stated.
Buhari submitted a revised budget of 10.51 trillion naira
($29.19 billion) to parliament last week for approval. Lawmakers
can make changes to the budget, before it is sent back to the
president to pass into law should he agree to any revisions.
Borrowing requests must be approved separately by lawmakers.


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