Ignoring public outcry over the Nigeria’s growing debt profile, the House of Representatives on Tuesday approved the request by the President Muhammadu Buhari for the Federal Government to borrow a fresh foreign loans amounting to $22.79bn.
The Senate had earlier given a nod to the loan request.
SGTV reports that the loans are part of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.
Despite the protest staged by the Senate Minority leader, Enyinnaya Abaribe on March 6, the Senate went ahead to approve the loan.
The $22.79bn loan was approved less than one week after Buhari wrote to the National Assembly to request approval for fresh external borrowings totalling $5.513bn.
Buhari had in his letter, read in the Senate and House on Thursday, said the funds were for 2020 budget deficit, financing of critical projects and some states of the federation.
Meanwhile, the National Assembly had recently approved a loan of N850 billion for the Federal Government.