The Senate has approved President Bola Ahmed Tinubu’s request for a new foreign loan of N1,767,610,321,779.00 or (USD2.209 billion in the 2024 Appropriation Act.
The Red Chamber on Thursday took the decision after considering 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.
Tinubu had made the request via a letter read to By Senate President, Godswill Akpabio during the plenary on Tuesday.
In the letter, Tinubu said the loan would be part of the funds that will be used to finance the N28.7 trillion 2024 Appropriation.
He said his request was in accordance with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council (FEC).
