By Abigail Philip David
The Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) external loan request today, Wednesday.
This loan is part of the external borrowing plan designed to support the implementation of the N28.7 trillion 2024 budget. Tinubu, in letters addressed to the Senate and the House of Representatives on Tuesday, explained that the loan would partially fund the N9.7 trillion budget deficit for the 2024 fiscal year.
After the letter was read, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to assess the proposal and report back within 24 hours.
“The Presidential request for $2.2bn, equivalent to N1.77tn, is already included in the external borrowing plan for the 2024 fiscal year,” Akpabio said. “The Senate Committee on Local and Foreign Loans should give the request expedited consideration.”
### Key Economic Proposals
In addition to the loan request, Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both legislative chambers. Akpabio assigned the Senate Committee on Finance, National Planning, and Economic Affairs to review the documents and provide a report within one week.
The MTEF/FSP outlines critical assumptions for the 2025 budget, including:
– Oil price benchmark: $75 per barrel
– Daily oil production: 2.06 million barrels
– Exchange rate: N1,400 to $1
– GDP growth target: 6.4%
These parameters will guide the preparation of the proposed N47.9 trillion 2025 budget.
### Social Welfare Bill Amendment
Tinubu also submitted a proposed amendment to the Social Investment Programme Establishment Act, seeking to enhance the framework for implementing social welfare programs. The amendment aims to designate the National Investment Register as the primary tool for identifying and targeting beneficiaries.
According to the President, this measure will make welfare programs more transparent and data-driven, ensuring that social protection reaches the most vulnerable Nigerians.
“The amendment will ensure our social and welfare programs are more transparent, efficient, and impactful,” Tinubu stated, emphasizing the urgency of the proposal under Section 58(2) of the 1999 Constitution.
The Senate has referred the amendment bill to relevant committees for review, with further deliberations expected in future sessions.
This development highlights the administration’s focus on leveraging technology and data to optimize the impact of its social welfare initiatives while addressing fiscal challenges through external financing.
