 loan request today, barring any last-minute changes.){kind=link}
The Nigerian Senate is expected to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today, barring any last-minute changes.
The loan is part of the external borrowing plan outlined to support the implementation of the N28.7 trillion 2024 budget.
It is aimed at addressing the N9.7 trillion deficit projected for the 2024 fiscal year.
In a letter presented during Tuesday’s plenary sessions of both the Senate and the House of Representatives, President Tinubu emphasized the loan’s importance in bridging the country’s financial gap.
Senate President Godswill Akpabio, who read the letter, referred the request to the Senate Committee on Local and Foreign Debts for review, instructing them to provide feedback within 24 hours.
He noted that the proposed loan is already captured within the 2024 external borrowing framework and urged swift action to facilitate its approval.
Alongside the loan request, President Tinubu also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027 to both chambers of the National Assembly.
The document includes key projections such as a $75 per barrel oil price benchmark, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a GDP growth rate of 6.4%.
These projections will form the foundation for the proposed N47.9 trillion 2025 budget, which will be deliberated in the coming months.