On Thursday, the Senate approved President Bola Tinubu’s request for a $2.2 billion loan to help address a portion of the ₦9.7 trillion budget deficit for the 2024 fiscal year. This approval followed a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, during the plenary session.

Deputy Senate President Jibrin Barau praised the committee for their prompt and thorough review of the loan proposal. The loan, which is part of the government’s fiscal strategy for the upcoming year, was initially presented to the Senate and House of Representatives in a letter by President Tinubu on Tuesday. Senate President Godswill Akpabio read the letter during the plenary, explaining that the $2.2 billion (approximately ₦1.77 trillion) is included in the external borrowing plan for the 2024 fiscal year.

Akpabio emphasized the urgency of the review, directing the Senate Committee on Local and Foreign Debts to complete its assessment and present a report within 24 hours. Although the committee exceeded the 24-hour deadline, it presented its findings on Thursday, which led to the Senate’s approval of the loan. This loan is seen as an essential part of the government’s plan to finance the deficit in the 2024 national budget.