Estimated Reading Time: 1
The senate has approved for federal and state governments to borrow $1.5 billion and €995 million loans.
The Senate President Ahmad Lawan-led parliament gave the approval at plenary on Wednesday.
The approval was given after the senate considered the report of the Committee on Local and Foreign debts.
Senator Clifford Ordia, Chairman of the Committee, had presented the report of his panel.
The loan, according to Ordia, was to finance priority projects of the federal government and projects to support the state governments.
It is to be sourced from multilateral and bilateral institutions, including World Bank, Export-Import Bank of Brazil and Deutsche Bank of Germany.
Critics of the government have been complaining about the borrowings of the Buhari administration but the Federal Government has defended its action, saying it is meant for the development of the nation.