The approval was given by the majority arm of the Senate on Wednesday after due consideration of a report from its Committee on Local and Foreign Debt which were set up to work on the loan request.

while presenting the report on ground during plenary, the Chairman of the committee, Senator Clifford Ordia said the request is not new as it was approved in the borrowing plan when the National Assembly passed the 2021 budget noting that it would be used to fund the budget deficit.

President Muhammadu Buhari had earlier in May asked the National Assembly to approve the loan request, saying it would be raised from multilateral and bilateral tenders as well as the international capital market.

The Committee recommended that the Senate approves Buhari’s request for the issuance of $3,000,000,000 but not more than $6,183,081,643.40 Eurobond in the International Capital Market.

according to the panel External Borrowing of N2,343,387,942,848,should be for the financing of part of the deficit authorised in the 2021 Appropriation Act.

The Committee also recommended that the amount authorised may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.