Senate okays N1.77tn external loan request by Tinubu
President Bola Tinubu
Abdullateef Fowewe
The Senate approved President Bola Ahmed Tinubu’s request for a new eternal borrowing of N1,767,610,321,779.00 or USD2.209 billion in the 2024 Appropriation Act on Thursday.
The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary.
It was gathered that the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report.
The President’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday.
Tinubu in the letter explained that the external loan would be part of the funds that will be used to finance the N28.7 trillion 2024 Appropriation.
President Tinubu noted that his request was in accordance with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
