The Senate on Thursday 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.
Consequent upon the report’s presentation by the Chairman, Senate Committee on Local and Foreign Debts, Sen. Aliyu Wamakko, during plenary, the request was approved, according to Persecondnews.
Deputy Senate President Jibrin Barau praised the committee for their prompt handling and meticulous review of the loan request during the session he presided over.
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.
While reading the letter, 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.
“The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours.”
Despite missing the Wednesday deadline, the committee presented its report during Thursday’s plenary, enabling the Senate to approve the loan.
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