National Assembly Set to Approve Tinubu’s $2.2 Billion Loan Request
Nigeria’s National Assembly is expected to consider and approve President Bola Tinubu’s external loan request of $2.2 billion (approximately N1.77 trillion) which will be used to finance the 2024 budget deficit.
In letters addressed to both the Senate and the House of Representatives, Tinubu explained that the loan is embedded in the 2024 Appropriation Act and crucial for financing part of the N9.7 trillion deficit in the N28.7 trillion national budget.
In his message, as read by the Speaker of the House, Tajudeen Abbas, during Tuesday’s plenary session, Tinubu stated:
“I write to request a resolution of the National Assembly to raise the sum of ₦1,767,610,321,779, equivalent to $2.209 billion, at the budget exchange rate of $1 to 800 Naira, as new external borrowing in the 2024 Appropriation Act to part-finance the budget deficit of $9.179 trillion in the 2024 budget.”
The Senate is expected to approve the loan during today’s plenary session, following Senate President Godswill Akpabio’s directive to the Committee on Local and Foreign Debts to review the proposal and report back within 24 hours.
“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,” Akpabio during yesterday’s plenary session.
Similarly, the House of Representatives is anticipated to follow suit, paving the way for the much-needed funds to support the 2024 fiscal year’s implementation.
