Politics

Senate Approves Tinubu’s $2.2 Billion Loan to Bridge 2024 Budget Deficit

Published by Tope Fakinlede on November 21st, 2024.

Senate Approves Tinubu’s $2.2 Billion Loan to Bridge 2024 Budget Deficit

President Bola Tinubu

The Nigerian Senate has approved President Bola Tinubu’s request for a $2.2 billion loan, aimed at addressing part of the ₦9.7 trillion budget deficit for the 2024 fiscal year.

The approval followed the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during Thursday’s plenary session.

Deputy Senate President Jibrin Barau praised the committee for its prompt action and thorough review of the loan request.

In a letter read out during Tuesday’s joint session of the Senate and House of Representatives, President Tinubu had outlined that the loan was a key component of his fiscal policy for the upcoming year.

Senate President Godswill Akpabio confirmed that the $2.2 billion loan, equivalent to ₦1.77 trillion, was already included in the 2024 external borrowing plan. He also urged the Senate Committee on Local and Foreign Debts to fast-track its evaluation and submit a report within 24 hours.

Although the 24-hour deadline passed on Wednesday, the committee delivered its findings and the loan was approved on Thursday.

More details to follow…