The Nigerian Senate is poised to approve President Bola Tinubu’s $2.2 billion loan request today. This loan, part of the external borrowing plan, will partially finance the N9.7 trillion budget deficit in the 2024 fiscal year, as outlined in the N28.7 trillion national budget.
Senate President Godswill Akpabio directed the Committee on Local and Foreign Debts to expedite their review of the request, with a report expected within 24 hours. “This loan is already part of the 2024 external borrowing plan and requires urgent consideration,” Akpabio stated.
In addition to the loan request, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025–2027. Key metrics in the MTEF include a $75 per barrel oil price benchmark, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a 6.4% GDP growth projection. These figures will guide the proposed N47.9 trillion 2025 budget.
Tinubu also forwarded a Social Investment Programme Amendment Bill to enhance transparency and efficiency in delivering welfare programs. The amendment seeks to designate the National Investment Register as the primary tool for targeting beneficiaries, ensuring data-driven implementation.
“The proposed amendment will make our social welfare programs more impactful in addressing the needs of Nigeria’s most vulnerable citizens,” Tinubu explained.
Both the loan request and legislative proposals signal the administration’s focus on bridging fiscal gaps and improving social welfare mechanisms to combat poverty and inequality across the country.
