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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.