The Senate has approved President Bola Tinubu’s request for $2.2 billion loan to partially finance the N9.7 trillion budget deficit for the 2024 Appropriation Act.
The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary in Abuja on Thursday, November 21, 2024.
Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request.
Tinubu had, in a letter read during the Senate and House of Representatives plenaries on Tuesday, said the loan was integral to his administration’s fiscal strategy for the coming year.
Tinubu seeks National Assembly’s approval for $2.2bn loan
The letter read in part: “Request for the resolution of the National Assembly for the implementation of the new external borrowing of N1,767,102,179.00, that is about $2.209bn already enshrined in the 2024 Appropriation Act.
“In accordance with the provisions of Sections 21 and 27 Subsection 1, the Debt Management Office established Act 2003 and the approval of the Federal Executive Council, I write the request for a resolution of the National Assembly to raise the sum of $2.2 09bn.
“The new external borrowing enshrined in the 2024 Appropriations Act, part financed the budget to about $9.17 trillion.
“A Euro bond of about $1.7bn and Sukuk financing of another $500m the actual makeup of the financing.”
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