The Senate, yesterday, approved the $2.2 billion fresh loan request by President Bola Ahmed Tinubu.
The decision was sequel to the consideration and adoption of a report of its Committee on local and foreign debts, chaired by Senator Aliyu Wamakko (Sokoto-North).
Recall that the President had written to the 10th National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as external borrowing plan in the 2024 Appropriation Act.
The Presidents request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, and Senate President, Godswill Akpabio, during separate plenaries on Tuesday.
Tinubu said the loan if approved would be used to part-finance the budget deficit of N9.7trillion for the 2024 Budget.
The Presidents request was transmitted to the Wamakko-led committee for further legislative action, and was directed to report back to the Committee-of-the-whole as soon as possible.
While presenting the report of the committee, Wamakko recommended the Senate to approve the request. The red chamber therefore, approved the request when it was put to voice vote by the Senate President.
Recall that the Federal Executive Council (FEC) had earlier given its nod for the $2.2 billion external borrowing plan to strengthen the countrys finances and support economic reforms.
With the approval, Nigerias total debt has now hit an all-time high, to the tune of N136 trillion.
