The Nigerian Senate has approved President Bola Ahmed Tinubu’s request for a new external borrowing of ₦1.77 trillion (approximately $2.209 billion) as part of the 2024 Appropriation Act.
The approval was granted during Thursday’s plenary on November 21, following the Senate’s consideration of a report presented by the Senate Committee on Local and Foreign Debt.
The Chairman of the committee, Senator Aliyu Wamakko, outlined the details of the request, which had been submitted by President Tinubu in a letter read by Senate President Godswill Akpabio earlier in the week.
In the letter, Tinubu explained that the external loan would contribute to funding the ₦28.7 trillion 2024 budget.
He emphasized that the request aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office Act and had already been approved by the Federal Executive Council
