The leadership of the Nigerian Senate on Thursday, November 21, 2024, approved a request by President Bola Tinubu for a fresh external loan of N1.77 trillion (USD2.209 billion).
The loan which would form part of the 2024 Appropriation Act was approved at the plenary on Thursday, November 21, 2024.
The Senate’s approval followed its consideration of the report of the Senate Committee on Local and Foreign Debt during the plenary.
Addressing the lawmakers, Aliyu Wamakko, the chairman of the Senate Committee on Local and Foreign Debt presented the report to the Red Chamber.
Recall that President Tinubu in a letter read by the Senate President, Godswill Akpabio had appealed for the approval of the loan request.
According to the president, the external loan would be part of the funds that will be used to fund the N28.7 trillion 2024 Appropriation.
The president in the letter said that his request is in line with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
