Senate approves Tinubu’s $2.2bn loan request to fund N9.7 trillion budget deficit

The Senate has approved President Bola Tinubu’s request for $2.2 billion loan to partially fund the ₦9.7 trillion budget deficit for the 2024 fiscal year.

The approval is sequel to the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary.

The Deputy Senate President Jibrin Barau who presided over the plenary, commended the committee for its prompt action and thorough examination of the request.

In a letter read during the Senate and House of Representatives plenaries on Tuesday, Tinubu had explained that the loan was pivotal to his administration’s fiscal strategy for the coming year.

While reading the letter, the Senate President, Godswill Akpabio, said: “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.”

He, however, directed the Senate Committee on Local and Foreign Debts to expedite its review of the request and present 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 stressed.

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