- Approval Comes After Swift Review by Debt Committee
- Loan Integral to Fiscal Strategy, Says Presidency
The Senate on Thursday approved President Bola Tinubu’s request for a $2.2 billion loan to partially fund the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval followed the presentation of a report by Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during the plenary session. Presiding over the session, Deputy Senate President Jibrin Barau praised the committee for its prompt action and detailed review of the request.
In a letter addressed to the National Assembly earlier in the week, Tinubu emphasized that the loan forms a critical part of his administration’s fiscal strategy for 2024. Senate President Godswill Akpabio, while reading the letter, noted that the borrowing plan was already included in the external financing framework for the coming year.
“The $2.2 billion request, equivalent to ₦1.77 trillion, is enshrined in the 2024 external borrowing plan,” Akpabio stated, further directing the committee to expedite its review within 24 hours.
Although the deadline passed on Wednesday, the committee presented its findings during Thursday’s plenary, culminating in the approval of the loan request.
