The Senate has approved President Bola Tinubu’s ₦1.77 trillion ($2.2 billion) loan request to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval, granted during a plenary session presided over by Deputy Senate President Barau Jibrin, followed a report presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada (APC, Sokoto North).
President Tinubu submitted the loan request on Tuesday as part of a new external borrowing plan aimed at addressing the fiscal deficit. The decision was reached through a voice vote in favor of the proposal.
Further details are expected as the implementation of the borrowing plan unfolds.
