Nigeria’s Senate on Tuesday approved a request by President Muhammadu Buhari seeking $5.5 billion in foreign loans to finance the national budget and service debts.

The external borrowing will include $2.5 billion in Eurobonds to plug part of the 2017 budget deficit and $3 billion for the refinancing of the nation’s maturing domestic debts and reduce funding costs.

The government said the loan would also assist them in funding rail, road and other infrastructure projects in the country which when completed, would create massive jobs through a chain of economic activities.

Deputy Senate President, Ike Ekweremadu who presided over the session assured that the Senate would continue to work with the executive arm of government to ensure that the goal of the 2017 budget was achieved.

According to Senator Gbenga Ashafa representing Lagos East Constituency, the Upper Legislative Chamber was working tirelessly towards ensuring that Nigerians got the desired dividends of democracy.