The Senate has approved the $2.2 billion loan President Bola Tinubu requested to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The lawmakers approved it on Thursday following the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary.
Deputy Senate President, Jibrin Barau, who presided over the session, commended the committee for its swift action and thorough examination of the loan request.
In a letter read during the Senate and House of Representatives plenaries on Tuesday, Tinubu had explained that the loan was integral to his administration’s fiscal strategy for the coming year.
Senate President Godswill Akpabio stated while reading the letter, “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.”
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.
Akpabio emphasized, “The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours.”
Although the deadline elapsed on Wednesday, the committee submitted its findings during Thursday’s plenary, leading to the loan’s approval.
More details coming…
