The Nigerian Senate on Thursday, November 21, approved President Bola Ahmed Tinubu’s request to secure an external loan of N1.77 trillion (USD 2.209 billion) as part of the funding for the 2024 Appropriation Act.
The resolution followed the presentation and approval of a report from the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamakko, during plenary.
The loan, according to Tinubu’s letter read by Senate President Godswill Akpabio earlier this week, will help finance the N28.7 trillion budget outlined in the 2024 Appropriation Act. The President emphasized that the request complies with provisions of the Debt Management Office Act, specifically Sections 21(1) and 27(1), and has been approved by the Federal Executive Council (FEC).
