Senate on Wednesday approved the sum of $500million euro bond meant to finance 2016 budget deficit.

The approval was after a two-hour closed-door session.

Moving the motion, Deputy Senate Leader, Bala Ibn N’allah explained that time was against the 2016 budget, adding that it would be disastrous for the nation to entertain further delay.

He urged the Senate to set aside processes that will make it possible for prompt approval.

In response, Minority Leader, Godswill Akpabio while seconding the motion, said: “despite the lack of consultation, I wish to second the motion to enable the Committee of the whole consider the request.”

Deputy Senate President, Ike Ekweremadu who presided over the Committee put it up for vote and it was immediately approved.

Meanwhile, the approval would enable President Muhammadu Buhari to source the amount from the Capital Market.