The loan is to be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.
The Senate has approved the sum of $1.5 billion and External loan for federal and state governments.
The Red Chambers gave the approval after considering the report of tis Committee on local and Foreign Debts on the external borrowing plan by the Federal Government.
Chairman of the committee, Clifford Ordia , told the lawmakers that the panel had considered the loan request and was recommending its approval.
The €995 million loan is meant for agricultural mechanization across the 774 LGAs while the $1.5 billion loans would be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.
