Senate Approves Tinubu’s $2.2 Billion Loan Request

The Nigerian Senate on Thursday, 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.

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.

In addition to the borrowing plan, Tinubu also forwarded the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027 to the National Assembly.

These documents are expected to provide a fiscal roadmap for the administration’s long-term economic objectives.

The president further submitted the National Social Investment Programme Establishment Amendment Bill to parliament.

In other news, the Nigerian Senate has explained that Danladi Umar’s removal was to send a message that anyone screened and appointed can still be constitutionally removed if they misbehave in office.

The Chairman, Senate Committee on Media, Yemi Adaramodu, explained that even after the President forwarded a new name to them for screening as the chairman of the Code Of Conduct Tribunal (CCT), they still exercised some patience to give Umar the benefit of doubt.