Senate approves Tinubu’s $2.2 billion loan request
By Jeffrey Agbo
The Senate has approved President Bola Tinubu’s $2.2 billion loan request to partially address the ₦9.7 trillion budget deficit projected for the 2024 fiscal year.
The approval came during Thursday’s plenary after the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, presented the committee’s report.
Deputy Senate President Jibrin Barau praised the committee for its prompt and thorough review of the proposal.
In a letter read earlier during plenary sessions in both chambers of the National Assembly, Tinubu outlined that the loan was a critical component of his administration’s fiscal strategy for 2024.
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Senate President Godswill Akpabio highlighted that the $2.2 billion (approximately ₦1.77 trillion) had already been included in the government’s external borrowing plan for the year.
“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,” he said.
Akpabio directed the Senate Committee on Local and Foreign Debts to review the proposal and report back within 24 hours.
Although the committee missed its initial deadline, it presented its findings on Thursday, culminating in the approval of the loan.