The Senate has approved $16,230,077,718 and €1,020,000,000 loans requested by President, Muhammadu Buhari.
The upper legislative chamber also approved grant components of $125million
The president had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.
The request was made some months ago in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.
In July, the legislators approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
But in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”
The president said the loans, when obtained, will stimulate the economy and create jobs.
Senate Approves Buhari’s $16billion, €1billion Loan Requests
