The Nigerian Senate has approved President Bola Tinubu’s request to secure a $2.2 billion loan to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval came on Thursday following a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts. Deputy Senate President Jibrin Barau praised the committee for its prompt and meticulous review of the loan proposal.
President Tinubu had outlined the necessity of the loan in a letter read during the plenary sessions of both legislative chambers earlier in the week. He emphasized that the borrowing was a critical component of his administration’s fiscal strategy for 2024.
“The $2.2 billion request, equivalent to ₦1.77 trillion, is already embedded in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio noted, urging the committee to expedite its review.
Though the committee exceeded the initial 24-hour deadline set by Akpabio, its report was submitted during Thursday’s plenary, leading to swift approval.
The loan is expected to complement other financial measures in bridging the significant deficit in the 2024 budget and supporting the government’s economic objectives.
