Nigeria’s Senate has approved the $2.2 billion loan request from President Bola Ahmed Tinubu on Thursday following a review of the report presented by the chairman of the committee on Local and Foreign Debt, Aliyu Wamakko.
Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request.
The amount approved translates to ₦1.7 trillion at an exchange rate of N800 per dollar, and is expected to cover the N9.1 trillion shortfall in the 2024 budget.
Recall President Tinubu had requested the National Assembly’s approval for a fresh external borrowing plan of ₦1.767 trillion to partially fund the ₦9.7 trillion budget deficit in the 2024 appropriation act.
The president’s request was read during plenary on Tuesday by the Speaker of the House of Representatives.
The loan is expected to contribute to financing the federal government’s economic and developmental priorities in the upcoming fiscal year.
