The Nigerian Senate has approved a $2.2 billion loan request by President Bola Tinubu to help close the ₦9.7 trillion budget gap for the 2024 fiscal year. This decision was made during a plenary session on Thursday after thorough deliberation on the proposal.
The loan approval came after the Senate Committee on Local and Foreign Debts, led by Chairman Aliyu Wamakko, presented its findings and recommendations. The committee reviewed the request in detail, considering its potential impact on the nation’s economy and its role in supporting the 2024 budget.
Deputy Senate President Jibrin Barau, who presided over the session, praised the committee for its prompt and diligent work. “Your timely review and attention to detail have ensured that this process remains transparent and in the nation’s best interest,” he stated during the session.
The proposal had initially been presented to both the Senate and House of Representatives earlier in the week. In his letter, President Tinubu emphasized the importance of the loan to his administration’s financial strategy. He explained that the amount, which equals ₦1.77 trillion, was already included in the external borrowing plan for 2024.
Senate President Godswill Akpabio reiterated this during the plenary, noting, “The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already enshrined in the external borrowing plan for the 2024 fiscal year.”
