By Dipo Olowookere The Nigerian Senate on Wednesday approved the request by President Muhammadu Buhari to raise Eurobonds worth $2.786 billion. The proposed external borrowing is mainly to fund part of the 2018 budget signed into law in June 2018 by the President. Last week, Mr Buhari, in a letter to the National Assembly, had requested the resolutions of the parliament to approve the borrowing. At the plenary today, the Senate said President Buhari can go ahead with the external borrowing through the issuance of the Eurobond. This was after Chairman of the Senate Committee on Local and Foreign Debts, Mr Shehu Sani, submitted his report. The upper legislative chamber also approved the request by the executive to borrow $82.54 million from external institutions to refinance the balance of $500 million matured Eurobond in the international capital market. While speaking during plenary today, the Senate Leader, Mr Ahmad Lawan, stated that, \u201cLet us ensure we carry out oversight functions to make sure these funds are used for their purpose in growing the country.\u201d On his part, the Deputy Senate President, Ike Ekweremadu said, \u201cI thank the committee for their work. It is important we see to it that these monies are utilized,\u201d while Senate Barau Jibrin said, \u201cThe Committee on Finance should ensure the monies are released immediately.\u201d In his remains, the Senate President, Mr Bukola Saraki, said the various committees in the Senate should carryout extensive oversight on the various MDAs to ensure that the previous loans that have been granted are properly utilised. \u201cBefore the end of the week, we will fix a date where all our committees will carry out oversight to ensure that all the previous loans have been properly utilised,\u201d he said. \u201dI thank the committee and all distinguished Senators for the cooperation with the executive to ensure that we quickly pass this loan to ensure the proper funding of the 2018 budget,\u201d Mr Saraki added.