The Senate is set to approve President Bola Tinubu’s request to obtain $2.2bn (about N1.77tn) on Wednesday.
Senate President Godswill Akpabio gave the indication on Tuesday when he read the President’s letter seeking their approval for the loan.
Akpabio has since directed the Senate Committee on Local and Foreign Debts to examine the request and report back within 24 hours.
This request, submitted by the President, is contained in the external borrowing plan outlined for implementing the N28.7tn 2024 budget.
The President, in separate letters read during the Senate and House of Representatives plenary on Tuesday, said the loan would partially finance the N9.7tn budget deficit for the 2024 fiscal year.
Akpabio said “The Presidential request for $2.2bn, equivalent to N1.77tn, 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.”
Also, Tinubu presented the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives.
Akpabio has ordered the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report back within seven days.
Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4 per cent.
These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget.
In another development, President Tinubu has submitted the Social Investment Programme Amendment Bill to the National Assembly.
The bill seeks to strengthen the framework for implementing social welfare programmes, ensuring greater transparency and efficiency.
Tinubu said the new bill will designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives.
This measure would ensure that welfare programmes are data-driven and effectively provide social protection for Nigeria’s most vulnerable citizens, according to the president.
Tinubu said “The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigeria,” adding that the proposal, submitted under Section 58(2) of the 1999 Constitution (as amended), requires urgent consideration by the Senate.
