The Senate granted approval on Thursday for President Bola Tinubu’s request for a loan amounting to $2.2 billion, intended to partially address the ₦9.7 trillion budget deficit projected for the 2024 fiscal year.
This decision came after the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, presented a report during the plenary session.
Deputy Senate President Jibrin Barau, who presided over the meeting, praised the committee for its prompt response and comprehensive review of the loan proposal.
In a letter presented during the plenaries of both the Senate and the House of Representatives on Tuesday, Tinubu articulated that the loan is a crucial component of his administration’s fiscal strategy for the upcoming 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,” Senate President, Godswill Akpabio, stated while reading the letter.
He further directed the Senate Committee on Local and Foreign Debts to expedite its review of the request and present a report 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 noted.
Although the deadline elapsed on Wednesday, the committee submitted its findings during Thursday’s plenary, leading to the loan’s approval.
