The senate has given the Federal and State Governments approval to borrow $1.5 billion and €995 million loans.
The senate led by its President, Ahmed Lawan, gave the approval at plenary on Wednesday.
The approval was given after the upper chamber considered the report of the Committee on Local and Foreign debts.
Clifford Ordia, Chairman of the Committee, had presented the report of his panel.
The loan, according to Ordia, is to finance priority projects of the federal government and projects to support the state governments.
It is to be sourced from multilateral and bilateral institutions, including World Bank, Export-Import Bank of Brazil and Deutsche Bank of Germany.
Critics have condemned the President Muhammadu Buhari-led government over Nigeria’s rising debt profile.
The government said it is borrowing to develop infrastructure in the country.