The Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request on Wednesday.
This request, part of the external borrowing plan for the N28.7 trillion 2024 budget, was submitted by the President to help finance the N9.7 trillion budget deficit for the upcoming fiscal year.
During Tuesday’s plenary sessions of both the Senate and House of Representatives, Tinubu outlined the purpose of the loan in separate letters.
Following the reading of the letter, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to review the request and report back within 24 hours. Akpabio noted that the $2.2 billion loan is already included in the external borrowing plan for the 2024 fiscal year and called for swift consideration.
In addition, Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both chambers of the National Assembly. Akpabio tasked the Senate Committee on Finance, National Planning, and Economic Affairs to review the documents and report back within one week.
The MTEF/FSP sets key parameters, including a $75 oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a target GDP growth rate of 6.4%. These figures will inform the consideration of the proposed N47.9 trillion 2025 budget.
Additionally, President Tinubu submitted the Social Investment Programme Amendment Bill to the National Assembly, aiming to strengthen the framework for social welfare programs by improving transparency and efficiency. The amendment seeks to make the National Investment Register the primary tool for identifying beneficiaries, ensuring data-driven, effective social protection for Nigeria’s vulnerable populations.
Tinubu emphasized that the amendment, submitted under Section 58(2) of the 1999 Constitution (as amended), requires urgent attention by the Senate. If approved, the amendment is expected to enhance the management and delivery of social investment programs, contributing to poverty alleviation and reducing inequality.
The Senate has referred the bill to relevant committees for further review, with deliberations to take place in upcoming sessions. This move underscores the administration’s commitment to utilizing technology and data to optimize the impact of its social welfare initiatives.
