BRIEF: Nigeria’s Senate approves government USD5.5 billion loan proposal

BRIEF: Nigeria’s Senate approves government USD5.5 billion loan proposal

The latest development from Abuja, Nigeria’s commercial capital shows the Senate has approved the federal government’s USD5.5 billion borrowing plan.

The loan is to be covered up for the government’s budget deficit after global crude oil prices collapsed by more than 70% and the consequence of production disruption in the Niger Delta.