The Nigerian Senate is set to approve President Bola Tinubu’s $2.2 billion loan request today.
The proposed loan, equivalent to approximately ₦1.77 trillion, forms part of the external borrowing plan required to implement the ₦28.7 trillion national budget for 2024.
In letters presented during plenary sessions of both the Senate and the House of Representatives on Tuesday, President Tinubu outlined that the loan is intended to cover part of the ₦9.7 trillion budget deficit for the 2024 fiscal year.
Addressing the Senate, President Godswill Akpabio emphasized the urgency of the matter, directing the Senate Committee on Local and Foreign Debts to expedite their review of the loan request and report back within 24 hours.
“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already outlined within the external borrowing framework for the 2024 fiscal year. The Senate Committee on Local and Foreign Loans should therefore accord this request urgent consideration and submit their findings promptly,” he said.
Tinubu also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 along with the loan proposal. These documents set key economic parameters for the nation, including an oil price benchmark of $75 per barrel, a daily oil production target of 2.06 million barrels, an exchange rate projection of ₦1,400 to $1, and a gross domestic product (GDP) growth rate target of 6.4%.
Akpabio tasked the Senate Committee on Finance, National Planning, and Economic Affairs with reviewing the MTEF/FSP and reporting back within a week to facilitate timely decision-making.
In addition to the loan request and fiscal strategy documents, Tinubu also forwarded the Social Investment Programme (SIP) Amendment Bill to the National Assembly. This amendment is aimed at enhancing the framework for social welfare initiatives in the country.
Central to the amendment is the establishment of the National Investment Register, which will serve as the primary tool for identifying and targeting beneficiaries of the government’s social investment programs.
Explaining the significance of the proposed amendment, Tinubu stated, “The amendment will ensure that our social and welfare programs are not only transparent but also efficient and impactful in addressing the needs of Nigeria’s most vulnerable citizens. By leveraging data and technology, we can make these programs more effective in combating poverty and inequality.”
He noted that the proposal was submitted under Section 58(2) of the 1999 Constitution (as amended) and requires urgent legislative action. If passed, the amendment is expected to optimize the management and delivery of social welfare initiatives, strengthening their capacity to support vulnerable populations.
The Senate has referred the SIP amendment bill to its relevant committees for detailed review. Deliberations are expected to continue in upcoming sessions.
