The Senate has approved the controversial $22.7bn loan request of the President Muhammadu Buhari after a heated debate on Thursday that ended up in a closed session.
The lawmakers after a closed-door session approved the two-item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.
Senate minority leader, Enyinnaya Abaribe had warned against considering all the recommendations on the loan at once, suggesting a step by step approach.
However, Senate President Ahmad Lawan disagreed with him.
Subsequent debate on the matter forced the senate into an executive session during which it agreed to approve the request.
Lawan, assured that the loan would be spent on projects that would have an impact on the lives of Nigerians.
He asked the various committees of the Senate to ensure strict oversight so that every dollar in the loan would be accounted for.
The bulk of the loan would come from the Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany.
Buhari had sent the loan request to the senate under Bukola Saraki but it was rejected.
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