In a significant development, the Nigerian Senate has granted approval for President Bola Tinubu’s request for a ₦1.77 trillion loan. The decision was made during a voice vote led by Deputy Senate President Barau Jibrin.
The approval followed the presentation of a detailed report by the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada. This loan request, submitted by President Tinubu on Tuesday, is part of a broader strategy to address a ₦9.7 trillion budget deficit for the 2024 fiscal year.
In his communication to the National Assembly, President Tinubu sought the fresh external borrowing plan, which amounts to approximately $2.209 billion. This funding is intended to support various initiatives outlined in the 2024 Appropriation Act.
The approval marks a crucial step in the government’s efforts to secure financing for the upcoming fiscal year, aiming to bolster economic growth and address the pressing budgetary shortfalls facing the nation.