Senate, on Wednesday, gave Federal and state governments approval to borrow $1.5 billion and €995 million loans.
Senate gave the approval at plenary on Wednesday after considering the report of the Committee on Local and Foreign debts.
Chairman of the Committee, Senator Clifford Ordia, presented the report of his panel.
Ordia said the loan was to finance priority projects of the Federal Government and projects to support the state governments.
The loan is to be sourced from multilateral and bilateral institutions, including World Bank, Export-Import Bank of Brazil and Deutsche Bank of Germany.
Critics of the government have been continuously kicked against borrowings by the President Buhari administration, but the Federal Government argues that the loans are meant for the development of the nation.