The Nigerian Senate on Thursday, approved President Bola Tinubu’s request for a $2.2 billion loan to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval followed the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during plenary.
Deputy Senate President Jibrin Barau, who presided over the session, praised the committee for its prompt and thorough review of the loan request.
In a letter read during the Senate and House of Representatives sessions on Tuesday, President Tinubu had outlined that the loan was a critical component of his administration’s fiscal strategy for the coming year.
“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already included in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio noted while reading the letter.
He also urged the Senate Committee on Local and Foreign Debts to expedite the review process and report back within 24 hours.
Although the 24-hour deadline passed on Wednesday, the committee submitted its findings on Thursday, leading to the approval of the loan request.
Further details will be provided as the situation develops.
