The Nigerian Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today, November 20, 2024. The request is a key part of the external borrowing strategy designed to support the implementation of the N28.7 trillion 2024 national budget.
During a plenary session on Tuesday, President Tinubu’s formal letter detailing the loan proposal was presented to both the Senate and the House of Representatives. The President explained that the funds would help cover part of the N9.7 trillion budget deficit projected for the 2024 fiscal year.
Senate President Godswill Akpabio immediately assigned the Senate Committee on Local and Foreign Debts to review the loan request and provide feedback within 24 hours. He remarked, “The Presidential request for $2.2bn, equivalent to N1.77tn, is already enshrined in the external borrowing plan for the 2024 fiscal year.”
In addition, Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to guide future financial planning.
Key economic projections within these documents include a $75 per barrel oil benchmark, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and an anticipated GDP growth rate of 6.4%. The MTEF/FSP will serve as the foundation for the N47.9 trillion 2025 budget.
On a related note, President Tinubu also proposed amendments to the Social Investment Programme (SIP) framework. His goal is to enhance the effectiveness of welfare initiatives by using a data-driven approach through the National Investment Register.
