The Nigerian Senate has given the green light to President Bola Tinubu’s loan request of $2.2 billion, approximately ₦1.77 trillion, to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year. This approval comes after the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, presented its report during Thursday’s plenary session.
Loan Request Details:
- Amount: $2.2 billion (₦1.77 trillion)
- Purpose: Partial financing of 2024 budget deficit
- Fiscal Year: 2024
Deputy Senate President Jibrin Barau praised the committee for its swift action and thorough examination of the loan request. President Tinubu had earlier explained that the loan is crucial to his administration’s fiscal strategy for the coming year.
In a letter read during Tuesday’s Senate and House of Representatives plenaries, Senate President Godswill Akpabio emphasized the importance of expediting the review process, directing the committee to report
