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Home Economy Senate Approves Tinubu’s Fresh $2.2bn Loan
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Senate Approves Tinubu’s Fresh $2.2bn Loan

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Prnigeria
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November 21, 2024
Seal of the Nigerian Senate
Seal of the Nigerian Senate

Senate Approves Tinubu’s Fresh $2.2bn Loan

President Bola Ahmed Tinubu’s request for a $2.2 billion loan has been approved by the Senate, on Thursday.

This fresh loan is at financing the country’s 2024 budget deficit, estimated at ₦9.17 trillion.

The loan request was part of Tinubu’s letter to the Senate, which also included the Medium-term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for consideration and approval.

The decision was sequel to the consideration and adoption of a report of the committee on local and foreign debts, chaired by Senator Aliyu Wamakko (Sokoto North).

With the approval, Nigeria’s total debt has now hit an all-time high to the tune of N136 trillion.

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Tinubu had written to the National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as external borrowing plan in the 2024 Appropriation Act.

The President’s request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, and Senate President Godswill Akpabio, during separate plenaries on Tuesday.

Tinubu said the loan if approved would be used to part-finance the budget deficit of N9.7trillion for the 2024 budget.

The President’s request was transmitted to the Wamakko led committee for further legislative action. The committee was directed to report back to the committee of the whole as soon as possible.

Recall that the Federal Executive Council (FEC) had earlier given its nod for the $2.2 billion external borrowing plan to “strengthen the country’s finances and support economic reforms.”

While presenting the report of the committee, Wamakko recommended the Senate to approve the request. The red chamber therefore approved the request when it was put to voice vote by the Senate President Godswill Akpabio.

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CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, WigoPolice Command Moves to Address Protest Concerns in AnambraPHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive DirectorsNigerian Military Refutes Misinterpretation of CDS Self-Defence CommentCDS, Katsina Lawmakers Strategize to Tackle BanditryFG, States, LGs Share N2.001trn for July, Says FAACLagos Police Intercept Vehicle Loaded with CannabisFG Unveils Personal Income Tax Calculator Under New Reform LawsACF Decries Worsening Insecurity in the NorthNavy Hands Over Seized Smuggled Rice, Cannabis to Customs, NDLEA, Rescues Trafficking VictimsPolice Creates 2 New Area Commands, Upgrades 5 Divisions in Benue to Boost SecurityAnambra Police Nab Suspected Vandals, Recover Transformer Parts, High-Tension CablesTinubu Jets to Brazil After Japan Summit, Eyes Trade, Security DealsTroops Eliminate 2 Top ISWAP Commanders, Others in BornoSaudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano
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