House Of Reps Approve Tinubu’s ₦1.77 Trillion Loan Request

The House of Representatives has approved the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu.

The lawmakers approved the request on Thursday during a plenary presided over by House Speaker, Tajudeen Abbas following the presentation of a report by the House Committee on Loans and Debt Management.

Earlier, the Senate had also approved the $2.2 billion loan request from President Bola Tinubu.

The Senate gave the approval following the review of a 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.

In other news, the House of Representatives has rejected a bill seeking a six-year single term for Nigeria’s presidency.

The bill sought to amend the 1999 constitution to provide for a single term of six years for the Offices of the President, State Governors and Local Government Area Chairmen.

The bill is aimed at curbing wastages occasioned by four years of periodic elections.

The bill, which passed its first reading four months ago and slated for a second reading, was rejected during Thursday’s plenary session.