The Senate approved President Bola Tinubu’s loan request of $2.2 billion to help cover part of the ₦9.7 trillion budget deficit for 2024.
The approval came after the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, presented a report during plenary.
Deputy Senate President Jibrin Barau, praised the committee for its quick response and thorough review of the loan request.
In a letter read during the Senate and House of Representatives plenaries on Tuesday, Tinubu had explained that the loan was integral to his administration’s fiscal strategy for the coming year.
“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already enshrined in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio stated while reading the letter.
He also instructed the Senate Committee on Local and Foreign Debts to fast-track its review of the request and submit a report 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 stated.
Although the deadline passed on Wednesday, the committee submitted its findings during Thursday’s plenary, which resulted in the approval of the loan.
