The Nigerian Senate on Tuesday, June 2, 2020, granted President Muhammadu Buhari’s request to borrow $5.51 billion from international lenders. 

The borrowing is part of the country’s recent budgetary amendment that was necessitated by a sharp drop in global oil prices and the economic impact of the COVID-19 (coronavirus) pandemic. Money raised from the International Monetary Fund, African Development Bank, World Bank and Islamic Development Bank is expected to fund the deficit.

Read more: Premium Times.