The Senate approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing Plan. The approval followed the consideration of a report on the 2018-2020 External Borrowing Plan by the Committee on Local and Foreign Debt. Chairman of the Committee, Senator Clifford Ordia, says the Committee noted with utmost importance the genuine and very serious concerns of Nigerians about the country's borrowings' level and sustainability/serviceability in the Last Decade. He explained that rapid infrastructural and human capital development is needed due to the shortfall in the country’s annual revenues. Ordia noted that out of the total borrowing request of $36 billion in the re-forwarded request of Mr President, a sum of $26 billion is for funds proposed to be borrowed from various financial institutions from the Peoples Republic of China.