The Nigerian Senate has approved President Bola Tinubu’s request to secure a $2.2 billion loan aimed at addressing the N9.1 trillion deficit in the 2024 national budget.
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The approval followed the presentation of a report by Senator Aliyu Wamakko, chairman of the committee on local and foreign debt. According to Wamakko, the funds will be sourced through financial instruments such as Eurobonds and Sukuk.
In his presentation, Wamakko noted, “The loan is essential to bridge the gap in the 2024 budget and ensure the execution of critical government programs.”
The federal executive council (FEC) had previously endorsed the borrowing plan as part of efforts to strengthen the nation’s financial standing and support economic reforms.
Finance Minister Wale Edun disclosed that $1.7 billion of the expected amount would come from the Eurobond offer, while $500 million would be raised through Sukuk financing.
President Tinubu formally submitted the loan request to the National Assembly on Tuesday, emphasizing the importance of the funding to sustain economic recovery efforts.
