Senate approves $2.2bn loan request by Tinubu

The Senate on has approved President Bola Tinubu’s loan request of $2.2 billion to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary on Thursday.

Deputy Senate President Jibrin Barau, who presides over the plenary, commended the committee for its swift action and thorough examination of the loan request.

In a letter to the red chamber, Tinubu had on Tuesday explained that the loan was integral to his administration’s fiscal strategy for the coming year.

The committee submitted its findings during Thursday’s plenary, leading to the loan’s approval.