The Senate has approved fresh external loans of $1.5bn and €995m for the federal government.

The senators approved the loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session.

Nigeria’s debt public debt hit a total of N31.01 trillion at the end of June, 2020, according to the Debt Management Office, meaning as at that time, the country’s debt had risen by N18.89 trillion in five years under the President Muhammadu Buhari.

At the end of June 2015, one month after Buhari came into power, the country’s debt profile stood at N12.12 trillion.

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