Senate Approves Tinubu’s $2.2 Billion Loan Request

|By Adejumo Adekunle –

Two days after receiving President Bola Tinubu’s request, the Senate approved a $2.209 billion (₦1.767 trillion) loan on Thursday to partially fund the ₦9.7 trillion deficit in the 2024 ₦28.7 trillion budget.

The Senate had tasked its Local and Foreign Debts Committee, chaired by Senator Aliyu Wammako, to review the proposal swiftly and report back within 24 hours. Presenting the report during plenary, Wammako emphasized the loan’s importance, stating, “It is vital for ongoing projects and strategic initiatives under the 2024 Appropriation Act, contributing significantly to economic growth and development.”

The approved loan will be sourced through Eurobonds, Sukuk issuance, or bridge loans, depending on market conditions. Wammako highlighted its alignment with Nigeria’s Debt Management Strategy, aimed at reducing borrowing costs, extending debt maturity, and bolstering external reserves.

Deputy Senate President Jibrin Barau, presiding over the session, lauded the committee for its thorough evaluation. The approval was passed unanimously without objections.