Senate to Review President Tinubu’s $2.2 Billion Loan Request

The Senate is set to review President Bola Tinubu’s $2.2 billion loan request today, which is aimed at partially financing the N9.7 trillion budget deficit for the 2024 fiscal year. The loan is part of a broader external borrowing plan to support the N28.7 trillion budget for the year.

During plenary on Tuesday, President Tinubu submitted separate letters to both the Senate and the House of Representatives, explaining that the loan would help address the fiscal gap and strengthen the country’s financial standing.

Following the presentation of the request, Senate President Godswill Akpabio instructed the Senate Committee on Local and Foreign Debts to scrutinize the loan request and report back within 24 hours.

In addition to the loan request, President Tinubu also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027 to both chambers of the National Assembly. Furthermore, he forwarded the Social Investment Programme Amendment Bill for consideration.