The Senate has approved President Bola Tinubu’s $2.2 billion loan request aimed at addressing the ₦9.7 trillion budget deficit for the 2024 fiscal year. The approval came during Thursday’s plenary following the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.
Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its prompt and detailed evaluation of the loan request.
The President’s letter, read earlier in both the Senate and House of Representatives, described the loan as a critical component of the administration’s fiscal strategy for 2024.
“This $2.2 billion request, equivalent to ₦1.77 trillion, is incorporated into the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio stated while presenting the letter to the chamber.
He urged the Senate Committee on Local and Foreign Debts to prioritize the review process and provide feedback within 24 hours. “The committee should give this request urgent consideration and report back promptly,” Akpabio added.
Though the 24-hour deadline was missed, the committee delivered its report on Thursday, paving the way for the Senate’s approval of the loan request.
