The Senate has approved President Bola Ahmed Tinubu’s request for a $2.2 billion loan to help finance the N9.7 trillion budget deficit in the 2024 Appropriation Act. The approval followed the adoption of a report presented by the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
With this decision, Nigeria’s total debt has now reached a record N136 trillion. The loan, endorsed earlier by the Federal Executive Council (FEC), is aimed at bolstering the nation’s finances and driving economic reforms.
President Tinubu, in his communication to the National Assembly, highlighted the importance of the loan in addressing budget shortfalls to which the Senate gave its assent through a voice vote after Wamakko’s committee recommended approval.
Also Read: President Tinubu Seeks N1.7 Trillion Loan to Fund 2024 Budget Deficit
This marks another significant borrowing to support government expenditures, raising concerns among stakeholders about Nigeria’s rising debt profile and its potential impact on the economy.
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