President Buhari has secured the approval of the Senate for a loan of five billion dollars earlier requested
The 2017 budget is expected to get two point five billion dollars from the total sum while three billion dollars is to be used to refinance domestic debts
The upper Chamber through the Presiding Deputy Senate President Ike Ekweremadu says the upper chamber will continue to support all efforts by the executive to boost the economy as long as such fiscal instruments are for the betterment of the Nigerian people.
It also promised to monitor all the projects that the loans are meant to support in the outgoing 2017 budget.
The report of the Senate Committee on Local and Foreign Debts headed by Senator Shehu Sani said the loan is in line with the borrowing plan of the 2017 Appropriation act.