Nigerian Senate Approves President Tinubu’s $2.2 Billion Loan Request
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The Nigerian Senate has granted speedy approval to President Bola Tinubu’s loan request of $2.2 billion, equivalent to ₦1.77 trillion, to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year ¹ ². The approval came after the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, presented its report during Thursday’s plenary session ¹[2).
Key Details
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- The loan is part of the external borrowing plan outlined in the N28.7 trillion 2024 budget ¹.
- President Tinubu explained that the loan is integral to his administration’s fiscal strategy for the coming year ¹.
- The Senate Committee on Local and Foreign Debts was tasked to review the request and report back within 24 hours ¹.
- Despite missing the deadline, the committee submitted its findings on Thursday, leading to the loan’s approval ¹ ².
Next Steps
The approved loan will help finance the budget deficit, while the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027 are still under consideration ¹.
