The Nigerian Senate is set to approve President Bola Tinubu’s $2.2 billion loan request today. The loan, which is equivalent to approximately N1.77 trillion, is part of the external borrowing plan designed to support the implementation of the N28.7 trillion 2024 budget.
President Tinubu submitted this request to the Senate and House of Representatives, explaining that the loan would help cover part of the N9.7 trillion budget deficit for the 2024 fiscal year.
Senate President Godswill Akpabio has instructed the Senate Committee on Local and Foreign Debts to review the request and provide their report within 24 hours. Akpabio emphasized that the loan is already included in the external borrowing plan for 2024, urging the committee to expedite their consideration.
In addition to the loan request, President Tinubu has also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027 to both the Senate and the House of Representatives. Key parameters in the framework include a $75 oil price benchmark per barrel, 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%.
Furthermore, President Tinubu has forwarded the Social Investment Programme Amendment Bill to the National Assembly. According to the President, this proposed amendment aims to strengthen the framework for implementing social welfare programs, ensuring greater transparency and efficiency.
It also seeks to designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives, ensuring that welfare programs are data-driven and effective in providing social protection for vulnerable Nigerians.
