The Senate Grants Tinubu's Request for a $2.2 Billion Loan.

On Thursday, the Senate granted approval for President Bola Tinubu’s request for a loan amounting to $2.2 billion, intended to partially address the ₦9.7 trillion budget deficit for the fiscal year 2024. This decision came after the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, presented a report during the plenary session. Deputy Senate President Jibrin Barau, who presided over the meeting, praised the committee for its prompt response and comprehensive review of the loan proposal. In a letter presented during the plenaries of both the Senate and the House of Representatives on Tuesday, President Tinubu articulated that the loan is a crucial component of his administration's fiscal strategy for the upcoming year. Senate President Godswill Akpabio, while reading the letter, noted, “The Presidential request for $2.2 billion, which is equivalent to ₦1.77 trillion, is already included in the external borrowing plan for the 2024 fiscal year.” He also instructed the Senate Committee on Local and Foreign Debts to accelerate its assessment of the request and to provide a report within a 24-hour timeframe. Akpabio stressed, “The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours.” Despite the deadline passing on Wednesday, the committee delivered its findings during Thursday’s plenary, resulting in the approval of the loan.