The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2 billion to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary.
Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request.
In a letter read during the Senate and House of Representatives plenaries on Tuesday, Tinubu had explained that the loan was integral to his administration’s fiscal strategy for the coming year.
