Senate Appropriations Chair Solomon Adeola confirmed that this approval ensures all revenue sources, including loans, are now in place to fully finance the budget.

In May, the president appealed to lawmakers to approve a new borrowing plan for major loans and bond issuances with the assurance that the funds will be appropriated correctly.

The request by the president to the House of Representatives included a $21.5 billion external borrowing plan and a domestic bond issuance of ₦757.9 billion to settle outstanding pension liabilities.

The World Bank and the International Monetary Fund, IMF, however, have cautioned Nigeria to review its budgets and cut spending to reduce suffering.