Senate on Wednesday approved $1.5billion and €995million external loans for the Federal and State Governments of Nigeria.
The €995m loan will be used for agricultural mechanisation across the 774 LGAs while the $1.5billion loan intended to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 States and the Federal Capital Territory.
The upper chamber’s approval was sequel to the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.
Chairman of the Committee, Clifford Ordia told the lawmakers that the panel recommends its approval after thorough consideration.
The loan will be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.