The Nigerian Senate on Tuesday, April 21, approved a total of $1.5billion and €995million external loans for the Federal Government.

The Senate said the €995m loan would be used for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.

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.

Meanwhile, according to Nigeria’s debt management office, as of December 2020, the most recent official data available, Nigeria’s public debt was N32.9 trillion, or $86.3 billion.