The Senate has approved President Muhammadu Buhari’s request to raise $2.786bn external capital from the international market.

The plan had been approved in the 2018 Appropriation Act.

The lawmakers also approved the external capital raising of 82.54 million dollars to refinance the balance of 500million dollars matured Eurobond in the international market.

Chairman of the Committee on Local and Foreign Debts who presented the report says the approval will reduce the cost of borrowing and debt profile of the country.

But the Senate has however advised the Federal Government to reduce its request for more external borrowing and source for better ways of generating revenue locally.