The Senate has approved the sums of 1.5 billion dollars and 995 million euro external loans for the Federal and State Governments.

The Red Chambers gave the approval after considering the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.

The 995 million euro loan is meant for agricultural mechanization across the 774 Local Government Areas while the 1.5 billion dollars loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.

The loan is to be facilitated by the International Monetary Fund, the World Bank, the African Development Bank Group, and Export/Import Bank of Brazil.