On Thursday, November 21, 2024, the Nigerian Senate gave the green light to President Bola Tinubu’s request for a $2.2 billion loan to help address the country’s ₦9.7 trillion budget deficit for the 2024 fiscal year. The decision came after a detailed report was presented by Aliyu Wamakko, the Chairman of the Senate Committee on Local and Foreign Debts.

Deputy Senate President Jibrin Barau, who presided over the session, praised the committee for its efficient review and swift action in evaluating the loan request.

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In a letter addressed to the Senate and House of Representatives earlier this week, President Tinubu outlined that the loan was an essential part of his administration’s financial strategy for the upcoming year.

Senate President Godswill Akpabio reiterated this, stating that the loan, equivalent to ₦1.77 trillion, is already factored into Nigeria’s external borrowing plan for 2024. He also urged the Senate Committee on Local and Foreign Debts to expedite its review process and report back within 24 hours.

Although the committee’s review deadline passed on Wednesday, the necessary findings were submitted on Thursday, paving the way for the loan’s approval.