In the letter, Tinubu described the loan as a key component of his administration’s fiscal strategy, urging the legislature to fast-track its approval.
Abuja, Nigeria – The Nigerian Senate has approved President Bola Tinubu’s request to secure a $2.2 billion loan aimed at addressing the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval was granted on Thursday following the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during plenary.
Presiding over the session, Deputy Senate President Jibrin Barau lauded the committee for its prompt action and detailed review of the loan request.
The loan, equivalent to ₦1.77 trillion, is part of the external borrowing plan for the 2024 fiscal year. This was outlined in a letter from President Tinubu, read during Tuesday’s Senate and House of Representatives plenary sessions by Senate President Godswill Akpabio.
In the letter, Tinubu described the loan as a key component of his administration’s fiscal strategy, urging the legislature to fast-track its approval. Akpabio subsequently directed the Senate Committee on Local and Foreign Debts to review the proposal and report back within 24 hours.
“The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours,” Akpabio emphasized.
Although the committee missed the initial deadline, it submitted its findings during Thursday’s plenary, paving the way for the Senate’s approval of the loan.
Further details on the loan and its implementation are expected in due course.
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