The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2 billion to partially cover the ₦9.7 trillion budget shortfall for 2024.
The approval came after Aliyu Wamakko,e Chairman of the Senate Committee on Local and Foreign Debts, presented a report in plenary.
Deputy Senate President Jibrin Barau presided over the session and praised the committee for its prompt response and comprehensive review of the loan request.
Tinubu said in a letter read during the Senate and House of Representatives plenaries on Tuesday that the loan was part of his administration’s fiscal strategy for the coming 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 also asked the Senate Committee on Local and Foreign Debts to accelerate the consideration of the request and submit 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 emphasised.
Although the deadline had passed on Wednesday, the committee submitted its conclusions during Thursday’s plenary, resulting in the loan’s approval.
