The Nigerian Senate is poised to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today. The loan is part of the external borrowing plan to fund the N28.7 trillion 2024 budget and address a N9.7 trillion deficit.
Senate President Godswill Akpabio tasked the Committee on Local and Foreign Debts with reviewing the request within 24 hours, emphasizing its inclusion in the 2024 fiscal year borrowing plan.
Additionally, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027. Key parameters include a $75 oil price benchmark, an exchange rate of N1,400/$1, and a projected GDP growth of 6.4%. The Senate Committee on Finance will evaluate the documents within a week.
In a related move, Tinubu forwarded a Social Investment Programme Amendment Bill aimed at improving transparency and efficiency in welfare initiatives. The amendment seeks to use the National Investment Register to target beneficiaries and ensure data-driven social protection for Nigeria’s vulnerable populations.
The Senate will deliberate on the proposed bill and other submissions in upcoming sessions, underscoring the administration’s focus on fiscal and social reforms.
