The Senate has approved the 8.3 billion dollars, equivalent of 3 trillion 411-billion-naira loan request by President Muhammadu Buhari.
The lawmakers also approved a separate 490 million euros, equivalent of 237 billion 851-million-naira loan request by the president.
The total amount is part of the 2018 to 2020 external borrowing plan of the federal government.
The fund was approved today after the Senate considered the report of the Senate Committee on Local and Foreign Debts.
Chairman of the committee, Clifford Ordia, presented the report.
President Muhammadu Buhari had in May, asked the National Assembly to approve the loan.
The approval of the loan, he said, would enable projects listed under the 2018 to 2020 External Borrowing Plan to be financed.
