The Senate on Thursday approved the request by President Muhammadu Buhari to borrow $22.779 billion to fund sundry projects across ministries and departments.

Speaking after the loan was approved, the President of the Senate, Ahmad Lawan assured Nigerians that the National Assembly will take full responsibility for the loans.

Lawan while expressing optimism that the loan will turn around the economic fortunes of the nation, said its strict application to relevant projects will be supervised by Committees of the National Assembly.

He said: “Let me emphasis here, that we are going to follow very strictly how these funds are applied by the executive arm of government. Our Committees must be prepared to ensure that no single dollar or cent is spent on any other thing outside of what has been indicated here.

“We pray that this loan will turn around the economy of Nigeria. It is our belief that this loan will definitely have some positive influence on the Gross Domestic Growth (GDP) of this country, and therefore, we want to assure Nigerians that as a Chamber of the National Assembly, we will be responsible and ensure that no funds approved here are utilized for something else or used in uneconomic or imprudent manner.

“This is our responsibility and we will ensure we do that”, the Senate President assured.

Earlier, the Senate on Thursday unanimously the $22.79 billion loan request after a closed door session that lasted about 40 minutes.

The unanimous approval came sequel to the adoption of the recommendations of the Committee on Local and Foreign Debts which was considered during plenary.

The decision to adopt the committee’s recommendations was reached during a closed session which lasted 40 mins to deliberate on the projects for which the loan is being sought.

Sectors to benefit from projects captured are: Transport sector – the Lagos-Kano Railway Modernization Project; Ibadan-Kano Segment Double Track to cost $5,530,000,000; Railway Modernization Coastal Railway Project (Calabar-Port Harcourt-Onne Deep Sea Port Segment) to cost $3,474,000,000.

For the Federal Capital Territory, projects captured are: Greater Abuja Water Project to cost $381,095,037; and Abuja Mass Rail Project at $1,252,293,005.

Development of Nigeria’s mining industry project is pegged at $150,000,000; Nigerian Television Authority Digitalization Project to cost $500,000,000; East-West Road Project under the Niger Delta Affairs Ministry, $800,000,000; Education Sector Reform Programme renamed Better Education Service Delivery for All (BESDA) at $500,000,000.

Other projects include: National Information and Communication Technology Infrastructural Backbone by Galaxy Backbone (Phase II), $328,108,731; Agricultural Transformation Project II (ATASP), $200,000,000; Staple Crops Processing Zone Support Projects (SCPZs), $500,000,000.

Projects under Water Resources Ministry are: Lake Chad Basin Commission, $13,000,000; Integrated Programme for Development and Adaptation to Climate Change in the Niger Basin, $6,000,000; North East Nigeria Integrated Social Protection, Basic Health, Education, Nutrition Services and Livelihood, &100,000,000; and Rural Water Supply and Sanitization, $150,000,000.

In the Ministry of Health, the Regional Surveillance System Enhancement Project in West Africa will cost $90,000,000.

Projects under the Power Sector are: the Nigeria Electricity Transmission and Access, $364,000,000; Power Transmission Project, $200,000,000; TCN overall Transmission System Enhancement Project, $200,000,000; Vocational Training in the Power Sector, 50,000,000; and Mambilla Hydro Electricity Power Project, $4,800,000,000.

The Social Inclusion and Welfare Advancement Project under the Ministry of Humanitarian, Disaster Management and Social Development is budgeted to cost $500,000,000; Rehabilitation and Reconstruction of infrastructure, livelihood, food security and economic recovery, $200,000,000; and North East Nigeria Integrated Social Protection, Basic Health, Education, Nutrition Services and Livelihood Restoration Project, $100,000,000.