The Senate, on Thursday, approved President Bola Tinubu’s loan request of $2.2 billion to address a significant portion of the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during the plenary session.
Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its prompt action and thorough review of the loan request. “This committee has demonstrated a commitment to addressing pressing fiscal matters with urgency and precision,” Barau remarked.
Earlier on Tuesday, Tinubu’s letter detailing the loan request was read at both the Senate and House of Representatives plenaries. The president emphasized that the loan forms a critical part of his administration’s fiscal strategy for 2024.
“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already embedded in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio explained while reading the letter. He further directed the Senate Committee on Local and Foreign Debts to expedite its review of the request and present its findings within 24 hours.
“The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours,” Akpabio reiterated during the session.
Although the committee exceeded the 24-hour deadline, it submitted its findings on Thursday, paving the way for the Senate to approve the loan.
Further details on the implementation of the borrowing plan are expected to emerge in subsequent updates.
