The Nigerian Senate has approved President Bola Ahmed Tinubu’s request for a $2.21bn external loan, barely 48 hours after the request was made.
Tinubu made the request, which is about N1.8tn in the 2024 Appropriation Act, in a letter sent to the Senate recently. Tinubu had stated that the external loan was required as part of the funds needed to finance the N28.7 trillion 2024 Appropriation.
In the request, President Tinubu noted that it was under the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary.
The Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report.
Nigerians and financial experts have expressed concerns about Nigerian unrestrained appetite for foreign loans to finance its budgets in the last couple of administration.
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