Senate Prepares to Approve Tinubu’s $2.2 Billion Loan Request

Today, Wednesday, President Bola Tinubu’s loan request of $2.2 billion, or roughly N1.77 trillion, will be approved by the Senate.

As part of the external borrowing plan for executing the N28.7 trillion 2024 budget, the President has made this request.

Tinubu clarified in separate letters read at Tuesday’s Senate and House of Representatives plenary that the loan will help cover a portion of the N9.7 trillion budget shortfall for the fiscal year 2024.

Senate President Godswill Akpabio read the letter and instructed the Senate Committee on Local and Foreign Debts to review it and provide a report within 24 hours.

Akpabio stated, “The Presidential request for $2.2bn, equivalent to N1.77tn, is already enshrined in the external borrowing plan for the 2024 fiscal year.

“The Senate Committee on Local and Foreign Loans should therefore give the request expeditious consideration and report back within 24 hours.”

Tinubu also gave the House of Representatives and Senate the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027.

The Senate Committee on Finance, National Planning, and Economic Affairs was instructed by Akpabio to review the MTEF/FSP materials and provide a report in a week.

A benchmark oil price of $75 per barrel, a daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4% are all important MTEF/FSP elements.

These numbers serve as the foundation for the proposed N47.9 trillion 2025 budget’s evaluation and approval.