The Nigerian Senate is poised to approve President Bola Ahmed Tinubu’s $2.2 billion (about N1.77 trillion) loan request today, a move aligned with the administration’s external borrowing plan to address the N9.7 trillion deficit in the N28.7 trillion 2024 budget.
Senate President Godswill Akpabio directed the Committee on Local and Foreign Debts to expedite its review and submit findings within 24 hours. He stated, “The Presidential request is enshrined in the external borrowing plan for the 2024 fiscal year and requires swift consideration.”
In a related development, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027, outlining economic assumptions including:
- Oil price benchmark: $75 per barrel
- Daily oil production: 2.06 million barrels
- Exchange rate: N1,400 to $1
- GDP growth target: 6.4%
These parameters will shape the proposed N47.9 trillion 2025 budget, which is under review by the Senate Committee on Finance and other committees, expected to report within a week.
Additionally, Tinubu introduced the Social Investment Programme Amendment Bill to strengthen the framework for social welfare initiatives. The amendment aims to establish the National Investment Register as the central tool for targeting beneficiaries, ensuring programs are data-driven, transparent, and impactful.
