The Nigerian Senate on Thursday approved President Bola Ahmed Tinubu’s request to secure a $2.2 billion external loan under the 2024 Appropriation Act. The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (Sokoto North).
With this decision, Nigeria’s total debt burden has climbed to an unprecedented ₦136 trillion. Tinubu had outlined that the loan is essential to address the ₦9.7 trillion budget deficit projected for 2024.
The President’s request, initially detailed in letters to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, emphasized that the funds would help strengthen Nigeria’s finances and advance economic reforms.
The Federal Executive Council (FEC) had earlier approved the borrowing plan, describing it as a vital step for economic stabilization.
Presenting the committee’s findings, Wamakko urged the Senate to endorse the request. The chamber subsequently approved it via a voice vote, presided over by Akpabio.
