“Senate Approves $2.2 Billion Loan for President Tinubu to Address Budget Deficit”​​​​​​.

The Nigerian Senate approved President Bola Tinubu’s $2.2 billion (N1.767 trillion) loan request on Thursday, November 21, 2024. This loan is part of efforts to address a significant deficit in the 2024 budget, which totals N9.7 trillion.

The funds will be raised through financial instruments like Eurobonds and Sukuk, aiming to bolster Nigeria’s foreign reserves and finance essential infrastructure projects. The approval followed the presentation of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, who emphasized the importance of the loan for the country’s economic stability.