The Nigerian Senate has approved President Bola Tinubu’s request for a $2.2 billion loan to partially fund the ₦9.7 trillion budget deficit for the 2024 fiscal year. The decision was reached during Thursday’s plenary session.
Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, presented the committee’s report, which paved the way for the loan’s approval. Deputy Senate President Jibrin Barau commended the committee for its swift and thorough evaluation.
In a letter addressed to both chambers of the National Assembly earlier this week, Tinubu emphasized that the loan is a critical component of his administration’s fiscal strategy for 2024.
“The $2.2 billion request, equivalent to ₦1.77 trillion, is already included in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio stated while reading the letter. He tasked the Senate Committee on Local and Foreign Debts with reviewing the request and providing a report within 24 hours.
Although the deadline passed on Wednesday, the committee presented its findings during Thursday’s session, leading to the loan’s approval.
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