The Senate has approved President Bola Ahmed Tinubu’s request for a new external loan of N1,767,610,321,779 (USD 2.209 billion) as part of the 2024 Appropriation Act.
The approval was granted on Thursday, November 21, following a review of the report from the Senate Committee on Local and Foreign Debt, presented by committee chairman Senator Aliyu Wamakko.
President Tinubu formally submitted the loan request in a letter, which Senate President Godswill Akpabio read during Tuesday’s session.
In his letter, President Tinubu outlined that the external loan would fund the 2024 national budget, amounting to N28.7 trillion.
He stated that the loan request complies with Sections 21 (1) and 27 (1) of the Debt Management Office (DMO) and has already received prior approval from the Federal Executive Council (FEC).
The Senate’s decision to approve the loan was backed by a majority, emphasizing the importance of successfully implementing the national budget for 2024.
