JUST IN: Senate Approves Pres. Tinubu’s $2.2BN Loan Request

The Senate has approved President Bola Tinubu’s request for a $2.2 billion loan to help finance 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 Thursday’s plenary.

Deputy Senate President Jibrin Barau who presided over the session, commended the committee for its swift and thorough examination of the loan request.

In a letter read earlier this week during joint plenaries of both the Senate and the House of Representatives, President Tinubu explained that the $2.2 billion loan is part of his administration’s fiscal strategy to manage the country’s budget deficit. Senate President Godswill Akpabio further noted that the loan is already included in the external borrowing plan for the 2024 fiscal year.

Despite the initial 24-hour deadline set for the review, the committee submitted its report on Thursday, paving the way for the loan’s approval. The loan, amounting to approximately ₦1.77 trillion, will play a critical role in financing the government’s expenditures for the year ahead.