Senate Set to Approve Tinubu’s $2.2bn Loan Request Today

The Nigerian Senate is poised to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today, a key step in addressing the country’s budgetary shortfall. The loan forms part of Tinubu’s broader external borrowing strategy to cover the N9.7 trillion deficit in the 2024 national budget, which totals N28.7 trillion.

On Tuesday, Tinubu’s letter requesting the loan was presented during the plenary session, prompting Senate President Godswill Akpabio to direct the Senate Committee on Local and Foreign Debts to review the proposal and submit their findings within 24 hours.

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In addition to the loan request, President Tinubu also introduced the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027. The document outlines key financial parameters for the upcoming fiscal periods, including a $75 per barrel oil price benchmark, a daily oil production target of 2.06 million barrels, and an exchange rate of N1,400 to $1. These figures are essential in shaping the proposed N47.9 trillion 2025 budget.

Furthermore, Tinubu submitted a Social Investment Programme Amendment Bill aimed at improving the effectiveness of social welfare programs. The proposed amendment would make the National Investment Register the primary tool for selecting beneficiaries, aiming to enhance the transparency and efficiency of these initiatives in addressing the needs of Nigeria’s most vulnerable populations. The bill is currently under review by relevant committees in the Senate.