Senate to Approve Tinubu’s $2.2 Billion Loan Request

The Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately ₦1.77 trillion) loan request today (Wednesday). This loan is a key component of the external borrowing plan designed to support the implementation of the ₦28.7 trillion 2024 budget.

In letters read during the Senate and House of Representatives sessions on Tuesday, Tinubu outlined that the loan would help address the ₦9.7 trillion budget deficit projected for the 2024 fiscal year. Following the announcement, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to review the request and submit its findings within 24 hours.

Akpabio remarked, “The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is part of the external borrowing plan for the 2024 fiscal year. The Senate Committee on Local and Foreign Loans must urgently consider this request and report back within the stipulated time.”

Additionally, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to the National Assembly. Akpabio tasked the Senate Committee on Finance, National Planning, and Economic Affairs to review the documents and report back within a week.

Key parameters of the MTEF/FSP include:

• An oil price benchmark of $75 per barrel,
• Daily oil production of 2.06 million barrels,
• An exchange rate of ₦1,400 to $1,
• A GDP growth target of 6.4%.

These benchmarks will inform the proposed ₦47.9 trillion 2025 budget.

In a related development, Tinubu also submitted an amendment to the Social Investment Programme Bill, aiming to enhance the framework for implementing social welfare initiatives. The amendment proposes designating the National Investment Register as the central tool for identifying and targeting beneficiaries, ensuring data-driven and transparent program delivery.

Tinubu noted, “This amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians.”

Submitted under Section 58(2) of the 1999 Constitution (as amended), the proposal seeks swift legislative approval. If passed, the amendment will improve the management and delivery of social investment programs, enhancing their effectiveness in combating poverty and inequality nationwide.

The Senate has referred the bill to relevant committees for review, with deliberations expected in subsequent sessions. This move highlights the Tinubu administration’s focus on leveraging technology and data to optimise its social welfare initiatives.