By Anwar Usman
The Senate has approved President Bola Tinubu’s loan request of $2.2 billion to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary session.
While leading the session, Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request.
In a letter presented during the Senate and House of Representatives plenaries on Tuesday, Tinubu 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 stated in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio stated while reading the letter.
He further instructed 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 said.
Although the deadline was passed on Wednesday, the committee submitted its findings during Thursday’s plenary, leading to the loan’s approval.
Details later…