President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget has been approved by the Senate on Tuesday.

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.

Buhari, as contained in his letter, said that the $5.513 billion external loan is to enable the Federal Government fund the 2020 revised budget

However, the senate found no basis for 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 seriously affected by the COVID-19 pandemic. According to the senate, the components lack requisite details.

Details later…