The Nigerian Senate has approved President Bola Ahmed Tinubu to secure a $2.2 billion (N1.77 trillion) external loan to bridge the funding gap in the 2024 budget.
The decision was reached during Thursday’s plenary session following the presentation of a report by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako. The committee highlighted the necessity of the loan to address critical budgetary deficits.
Deputy Senate President Jibrin Barau, speaking on the floor, defended the move, stating that the loan was imperative to sustain national development and stabilize the economy.
President Tinubu had earlier requested the Senate’s approval for the borrowing in a letter citing the need to finance key projects outlined in the 2024 Appropriation Act.
Reporter: Mariam Zakari, ADBN News.
