April 28, 2020 / 1:59 PM / a month ago

Nigeria's senate approves president's 850 bln naira borrowing scheme

ABUJA, April 28 (Reuters) - Nigeria’s upper house of parliament on Tuesday approved President Muhammadu Buhari’s request to borrow 850 billion naira ($2.36 billion) domestically to finance the country’s 2020 budget.

That would replace the original plan to borrow the equivalent amount in overseas debt, due to “less attractive” conditions in international capital markets because of the coronavirus pandemic and low global oil prices, according to a letter from the president to the upper house. ($1 = 360.0000 naira) (Reporting by Camillus Eboh; Writing by Paul Carsten; Editing by Alexis Akwagyiram)

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