Kehinde Fajobi
The Senate is expected to approve a $2.2bn (₦1.77tn) loan request by President Bola Tinubu today (Wednesday), aimed at addressing the funding deficit in the 2024 budget.
The loan, part of Tinubu’s external borrowing plan, is designed to partially finance the ₦9.7tn budget shortfall in the ₦28.7tn national budget for the coming year.
Tinubu communicated the request through letters read during Tuesday’s plenary sessions in both the Senate and the House of Representatives.
Senate President Godswill Akpabio tasked the Senate Committee on Local and Foreign Debts with expediting its review of the request, asking for a report within 24 hours.
Akpabio remarked, “The Presidential request for $2.2bn, equivalent to ₦1.77tn, is already enshrined in the external borrowing plan for the 2024 fiscal year.
“The Senate Committee on Local and Foreign Loans should therefore give the request expeditious consideration and report back within 24 hours.”
In addition, Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025–2027 period to the National Assembly.
The framework outlines key projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, an exchange rate of ₦1,400 to $1, and a targeted GDP growth rate of 6.4%.
These figures are set to guide the proposed ₦47.9tn 2025 budget.
Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and provide feedback within one week.
In another move, Tinubu forwarded the Social Investment Programme Amendment Bill to the National Assembly.
The proposed amendment seeks to enhance the efficiency and transparency of Nigeria’s social welfare initiatives.
“The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” Tinubu said.
The bill proposes using the National Investment Register to better target beneficiaries of social investment initiatives, ensuring data-driven and effective implementation.
The Senate has referred the amendment bill to relevant committees for examination, with discussions expected in subsequent sessions.