The Senate has approved President Bola Tinubu’s $2.2 billion loan request to help close the ₦9.7 trillion budget deficit projected for the 2024 fiscal year.
The decision was made during Thursday’s plenary session following the presentation of a report by the chairman of the Senate Committee on Local and Foreign Debts Senator Aliyu Wamakko.
Deputy Senate President Jibrin Barau commended the committee for its swift and detailed review of the loan proposal.
In a letter earlier presented to the National Assembly, Tinubu emphasised that the loan was vital to his administration’s fiscal agenda for 2024.
Senate President Godswill Akpabio noted that the loan, valued at approximately ₦1.77 trillion, had already been incorporated into the government’s external borrowing plan for the year.
He instructed the Senate Committee on Local and Foreign Debts to expedite its assessment and report back within 24 hours.
Although the report was slightly delayed, the committee submitted its findings on Thursday, leading to the Senate’s formal approval of the loan.
