Senate Approves Tinubu’s ₦1.77trn Loan Request

The Senate has approved President Bola Tinubu’s loan request of ₦1.77 trillion ($2.2 billion) following a voice vote in support of the proposal.

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The approval came under the leadership of Deputy Senate President, Barau Jibrin, after the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada (APC, Sokoto North), presented its report.

The loan request, submitted by the President on Tuesday, is part of a new external borrowing plan aimed at partially covering the N9.7 trillion budget deficit for the 2024 fiscal year.

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