The Senate on Wednesday approved the sum of $1.5bn and €995m external loans for the Federal Government.
The upper legislative chamber took the decision after the Chairman of its Committee on Local and Foreign Debts, Clifford Ordia, presented its panel’s report at the plenary.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who defended the loan request last month, said the federal government planned to use the €995m to procure 20,000 tractors for farmers from Brazil over the next six years.
She added that $1.5billion would be utilized for the aexecution of critical infrastructure in the 36 states and the Federal Capital Territory (FCT).
Following the approval, Nigeria external loan which accounts for 38.60 percent of the country’s public debt portfolio is set to increase further.
The Debt Management Office said early this year that Nigeria’s total debt stood at N32.92 trillion as of December 31, 2020.