The Senate has approved President Muhammadu Buhari’s request to borrow $22.7bn, the bulk of the loan would come from the Islamic Development Bank, the African Development Bank, the World Bank, and banks from China, Japan, and Germany.
The lawmakers after a closed-door session, which lasted about 45 minutes, approved the two-item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.
Everyeveryng gathered that the consideration of the request generated heated debate among the lawmakers and later resulted in a closed-door session.
However, it was learnt that the senators had resolved the issues that generated tension during the initial deliberation on the document.
Meanwhile, the Senate President, Ahmad Lawan, pledged that the loan would be spent on projects that would have an impact on the lives of Nigerians.
He also challenged the various committees of the red chamber to ensure strict oversight so that every dollar in the loan would be accounted for.