The Nigerian Senate is expected to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today, Wednesday. The loan is part of the external borrowing plan designed to address the N9.7 trillion budget deficit in the N28.7 trillion 2024 budget.
In letters presented during plenary sessions in both the Senate and House of Representatives on Tuesday, Tinubu detailed that the funds are critical for financing the fiscal year’s budget shortfall.
Senate President Godswill Akpabio, after reading the request, directed the Senate Committee on Local and Foreign Debts to review it and report back within 24 hours. He stated, “The Presidential request for $2.2bn, equivalent to N1.77tn, is already enshrined in the external borrowing plan for the 2024 fiscal year. The Senate Committee on Local and Foreign Loans should therefore give the request expeditious consideration and report back within 24 hours.”
MTEF/FSP Submission for 2025–2027
In addition to the loan request, Tinubu also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to the National Assembly. The framework includes projections such as:
Oil price benchmark: $75 per barrel
Daily oil production: 2.06 million barrels
Exchange rate: N1,400 to $1
GDP growth rate: 6.4%
These parameters will guide the proposed N47.9 trillion 2025 budget, and the Senate Committee on Finance, National Planning, and Economic Affairs has been tasked to review the documents and report back within a week.
Social Investment Programme Amendment Bill
President Tinubu also forwarded the Social Investment Programme Amendment Bill to the National Assembly. The bill seeks to strengthen the framework for implementing social welfare programs by designating the National Investment Register as the primary tool for identifying beneficiaries.
Tinubu emphasized the importance of the amendment, stating, “The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians.”
He added that the proposal, submitted under Section 58(2) of the 1999 Constitution (as amended), requires urgent consideration to ensure social protection initiatives are data-driven and effectively combat poverty and inequality.
The Senate has referred the bill to relevant committees, with deliberations expected in upcoming sessions. This initiative reflects the administration’s focus on leveraging technology and data to enhance the delivery of welfare programs across the country.
