Nigerian Senate Set To Approve President Tinubu’s Fresh N1.7trillion Loan Request
SaharaReporters had reported that the President on Tuesday submitted letters to Senate and House of Representatives plenary, explaining that the loan would partially finance the N9.7tn budget deficit for the 2024 fiscal year
The Nigerian Senate is set to grant an approval for the fresh $2.2bn (about N1.77tn) loan request of President Bola Tinubu today (Wednesday).
SaharaReporters had reported that the President on Tuesday submitted letters to Senate and House of Representatives plenary, explaining that the loan would partially finance the N9.7tn budget deficit for the 2024 fiscal year.
The Senate President Godswill Akpabio had also informed the Senate Committee on Local and Foreign Debts to examine the request and report back within 24 hours.
Akpabio stated, “The Presidential request for $2.2bn, equivalent to N1.77tn, is already enshrined in the external borrowing plan for the 2024 fiscal year.
“The Senate Committee on Local and Foreign Loans should therefore give the request expeditious consideration and report back within 24 hours.”
Tinubu also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report back within one week.
Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4 per cent.
These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget
In a related development, President Tinubu also forwarded the Social Investment Programme Amendment Bill to the National Assembly.
The proposed amendment aims to strengthen the framework for implementing social welfare programs, ensuring greater transparency and efficiency.
According to Tinubu, the amendment seeks to designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives.
This measure, he explained, would ensure that welfare programmes are data-driven and effectively provide social protection for Nigeria’s most vulnerable citizens.
Tinubu added, “The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians.”
Meanwhile, SaharaReporters exclusively reported that Nigeria is set to spend an alarming N50trillion on debt servicing between 2025 and 2027.
This was seen in a review of the Medium Term Expenditure Framework (MTEF) of the country.
According to the document, in 2025, the government plans to spend N15.3 trillion on debt servicing, it plans to spend N15.5 trillion in 2026 and another N19.4 trillion in 2027.
In total, the President Bola Tinubu-led Nigerian government plans an expenditure of N50.2trillion on debt servicing between the period.
