Nigeria’s total debt has now hit N136 trillion as Senate approves President Tinubu’s fresh $2.2bn loan request.
The approval of $2.2 billion fresh loan by Senate on Thursday was based on request by President Bola Ahmed Tinubu.
The Senate decision was sequel to the consideration and adoption of a report of the committee on local and foreign debts, chaired by Senator Aliyu Wamakko (Sokoto North).
While presenting the report of the committee, Wamakko recommended the Senate to approve the request.
The red chamber approved the request when it was put to voice vote by the Senate President Godswill Akpabio.
President Tinubu had written to the National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as external borrowing plan in the 2024 Appropriation Act.
The President’s request was transmitted to the Wamakko led committee for further legislative action. The committee was directed to report back to the committee of the whole as soon as possible.
The President’s request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas, and Senate President Godswill Akpabio, during separate plenaries on Tuesday.
Recall that the Federal Executive Council (FEC) had earlier given its nod for the $2.2 billion external borrowing plan to “strengthen the country’s finances and support economic reforms.”
Tinubu said the loan if approved would be used to part-finance the budget deficit of N9.7trillion for the 2024 budget.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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