Tinubu’s $2.2bn Loan Request Hits Senate Floor For Swift Approval

Tinubu’s $2.2bn Loan Request Hits Senate Floor For Swift Approval

The Senate is expected to approve President Bola Tinubu’s request for a $2.2 billion (approximately ₦1.77 trillion) external loan today, November 20, 2024. This borrowing forms part of the government’s strategy to address the ₦9.7 trillion budget deficit in the 2024 ₦28.7 trillion national budget.……READ MORE 

Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to review the request and report back within 24 hours for expedited action. The loan is embedded in the external borrowing framework of the 2024 fiscal year.

Tinubu also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027, proposing key benchmarks, including a $75 per barrel oil price, 2.06 million barrels daily oil production, and a ₦1,400 to $1 exchange rate.

In related developments, Tinubu forwarded an amendment to the Social Investment Programme Act, aiming to enhance transparency and efficiency in social welfare programs. This proposal prioritizes data-driven processes for targeting vulnerable groups, using the National Investment Register as a key tool.

These moves underscore the administration’s focus on tackling fiscal challenges and improving the effectiveness of social welfare initiatives. The relevant Senate committees are expected to deliberate and provide feedback in subsequent sessions.

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on WhatsApp.