The Nigerian Senate is poised to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today (Wednesday).
According to The PUNCH, this loan is part of the external borrowing plan outlined for implementing the N28.7 trillion 2024 budget.
President Tinubu had presented the request in letters read during Tuesday’s plenary sessions of the Senate and House of Representatives. He explained that the loan would help address the N9.7 trillion budget deficit for the 2024 fiscal year.
Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to examine the proposal and report back within 24 hours. “The Presidential request for $2.2 billion, equivalent to N1.77 trillion, 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,” Akpabio said.
In addition to the loan request, Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027.
These documents, now with the Senate Committee on Finance, National Planning, and Economic Affairs for review, provide key parameters for the proposed N47.9 trillion 2025 budget.
Some highlights of the MTEF/FSP include a $75 per barrel oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%. The committee has been instructed to return its findings within a week.
In a separate development, President Tinubu has forwarded the Social Investment Programme Amendment Bill to the National Assembly. The proposed amendment aims to enhance the framework for implementing social welfare initiatives, focusing on transparency and efficiency.
“The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” Tinubu stated. He noted that the bill seeks to establish the National Investment Register as the central tool for targeting beneficiaries of these programs.
According to the President, this data-driven approach would improve the delivery of social protection and strengthen efforts to combat poverty and inequality across the nation. Submitted under Section 58(2) of the 1999 Constitution (as amended), the amendment is being reviewed by relevant committees, with deliberations expected in subsequent Senate sessions.
“This measure underscores the administration’s commitment to leveraging technology and data to optimise the impact of social welfare initiatives,” Tinubu added.
