Pulse Nigeria is the most followed news and entertainment platform, informing and engaging young Nigerians round the clock, providing updates by the hour.

Pulse Nigeria

BREAKING: Senate approves Tinubu’s ₦1.77 trillion external loan request | Pulse Nigeria

Segun Adeyemi

The Nigerian Senate has approved President Bola Ahmed Tinubu's external loan request of ₦1,767,610,321,779 (USD 2.2 billion) to fund the 2024 national budget.

The approval, which followed deliberations in the Senate on Thursday, November 21, was based on the report from the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamakko.

Presenting the loan request, President Tinubu submitted a letter to the Senate outlining the necessity of the loan to support the ₦28.7 trillion budget for the year ahead.

The letter, read by Senate President Godswill Akpabio, highlighted that the loan was in accordance with Sections 21 (1) and 27 (1) of the Debt Management Office (DMO), and had been approved by the Federal Executive Council (FEC).

The loan’s approval was widely supported by lawmakers, who emphasised its importance for the implementation of the national budget.

Speaking during the Senate session, Senator Wamakko assured that the loan would contribute to the successful financing of critical national projects, which include infrastructure, education, and health sectors.

This move marks a significant step in Nigeria’s fiscal strategy, with the government aiming to stimulate economic growth despite ongoing challenges.

However, opposition parties have raised concerns about the increasing national debt burden and urged transparency in how the loan will be managed.

BREAKING: Senate approves Tinubu’s ₦1.77 trillion external loan request

Pulse Picks

Business

News

Entertainment

Lifestyle

Politics

Local

Metro

World

News 

Celebrities

Music

Movies

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Domestic

International 

Sports 

Celebrity Picks

Pulse Marketing

Explore categories

Influencer Awards

Company Pages

Breaking News & Top Stories | Pulse Nigeria

Video

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria 

Authors | Pulse Nigeria

| Pulse Nigeria

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria

Search Results | Pulse Nigeria

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria