By Abigail Philip David
The Senate has approved President Bola Tinubu’s request for a $2.2 billion loan to help finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval was granted during Thursday’s plenary following the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko.
Deputy Senate President Jibrin Barau, who presided over the session, praised the committee for its prompt and detailed review of the loan request.
The loan request, initially presented in a letter by President Tinubu on Tuesday, was described as a critical component of the administration’s fiscal strategy for 2024.
“The $2.2 billion loan, equivalent to ₦1.77 trillion, is already part of the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio explained while reading Tinubu’s letter to lawmakers.
Akpabio directed the Senate Committee on Local and Foreign Debts to fast-track its assessment and submit a report within 24 hours.
“The committee should expedite consideration of the request and report back to the Senate within 24 hours,” he stated.
While the committee missed the initial deadline, it presented its findings on Thursday, paving the way for the Senate’s approval of the loan.
**Details to follow…**
