The Nigerian Senate has approved President Bola Tinubu’s request for a $2.2 billion loan to help cover part of the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval came after a report was presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during Thursday’s plenary.
Deputy Senate President Jibrin Barau praised the committee for its swift review of the loan request. The loan, equivalent to ₦1.77 trillion, is part of the external borrowing plan outlined for 2024.
Senate President Godswill Akpabio emphasized the need for prompt action on the matter, directing the committee to submit its findings within 24 hours, which was done during Thursday’s session despite the deadline lapsing on Wednesday.
