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Nigeria's Senate passes record 10.59 trillion naira budget for 2020

Credit: REUTERS/AFOLABI SOTUNDE

Nigeria's Senate on Thursday passed a record 10.59 trillion naira ($34.72 billion) budget for 2020, paving the way for a likely return to the international debt market next year as the country struggles to shake off the impact of a recession.

ABUJA, Dec 5 (Reuters) - Nigeria's Senate on Thursday passed a record 10.59 trillion naira ($34.72 billion) budget for 2020, paving the way for a likely return to the international debt market next year as the country struggles to shake off the impact of a recession.

The budget for Africa's biggest economy passed by parliament's upper house assumes a deficit of 1.52% of the estimated gross domestic product - representing around 2.18 trillion naira - to be financed through foreign and domestic borrowing.

(Reporting by Camillus Eboh; ; Editing by Jon Boyle Writing by Alexis Akwagyiram; Editing by Chijioke Ohuocha)

((alexis.akwagyiram@thomsonreuters.com; +234 8188 779 319; Reuters Messaging: alexis.akwagyiram.thomsonreuters.com@reuters.net / Twitter: @alexisak))

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