The Senate has approved the $7.8 billion and another €100 million borrowing plan as requested by President Bola Tinubu.
The president made the request through a letter to the Senate, read during the plenary by the Senate President, Godswill Akpabio, on Wednesday.
Tinubu on Tuesday presented N2.18 trillion supplementary budget to the National Assembly.
In August, the National Assembly approved President Tinubu’s request for over $800 million loan to finance the National Social Safety Network Programme.
The National Assembly had approved the 2022 Supplementary Appropriations Act of N819 million “for the provision of Palliatives to Nigerians to cushion the effect of fuel subsidy removal”.
Tinubu’s request letter seeking the Senate’s approval for the 2022-2024 borrowing plan was announced by Akpabio on Wednesday.
Meanwhile, according to the Debt Management Office (DMO), Nigeria's debt burden rose to N87.38 trillion at the end of the second quarter of this year.
This comprises a total external debt of N33.25 trillion and a total of N54.13 trillion internal debt.