The Senate yesterday approved President Muhammadu Buhari’s $5.513 billion external loan request. The approval followed the consideration and adoption of the report of the upper legislative chamber’s Committee on Local and Foreign Debts. The Islamic Development Bank (IsDB) is also to give a loan of $113,000,000 to the Federal Government to part-finance the 2020 revised budget deficit at 0.4 per cent interest rate. Ogah had opposed the increase, noting the challenges posed to Nigerians by the coronavirus outbreak in the country. Pantami observed that the telecommunications industry depends on a number of infrastructure that plays a critical role in the smooth delivery of their services.

Source: The Guardian June 03, 2020 04:07 UTC