The House of Representatives has approved a request by President Muhammadu Buhari to borrow 5.8 billion US dollars.
The Green Chamber of the National Assembly also asked President Buhari to go ahead a collect another ten million US dollars as grant.
The loans and grants are to be collected from the World Bank, the Islamic Development Bank, China Exim bank, the Chinese Africa Development Fund, and the International Fund for Agricultural Development.
The approvals were granted based on the report of the House Committee on Aids, Loans and Debt Management, which was presented by its Chairman, Ahmed Safana.
Before approving the President’s request, the federal lawmakers asked to see the terms and conditions of the loan from the agencies.
The loans are expected to be used for Grid Modernization and Expansion Programme, Sustainable Water Supply, Sanitation and Hygiene, as well as malaria project.