The Nigerian Senate has approved a loan request of $6.1 billion by President Muhammadu Buhari.

The $6.1 billion request which is equivalent to about 2.343 trillion naira was approved following the consideration of the report of the Senate Committee on Local and Foreign Debts at plenary.

Senate approves President Buhari’s $6.1bn loan request

Chairman of the Committee, Senator Ordia says the request is not new as it had already been approved in the borrowing plan when the National Assembly passed the 2021 Appropriation Bill.

Following the approval, the Senate President, Ahmad Lawan, says the National Assembly must make sure that there are no frivolous expenditures by the executive.

The President had said the loan will be used to fund projects from priority sectors of the economy namely: power, transportation, agriculture and rural development, education, health, provision of counterpart funding for multilateral and bilateral projects, defence and water resources.