The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2 billion to 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.
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 further 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 emphasised.
The Deputy Senate President Jibrin Barau who presided over the session commended the committee for its swift action on the loan request.
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