The Senate on Thursday gave the go ahead to President Bola Tinubu to borrow $2.2 billion to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.

The approval followed the presentation of a report by the Chairman, Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary.

Presiding over the session, Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request.

In a letter read during the Senate and House of Representatives plenaries on Tuesday, Tinubu had explained that the loan was integral to his administration’s fiscal strategy for the coming year.

“The Presidential request for $2.2 billion, equivalent to ₦1.77 trillion, is already enshrined in the external borrowing plan for the 2024 fiscal year,” Senate President Godswill Akpabio stated while reading the letter.

He further directed the Senate Committee on Local and Foreign Debts to expedite its review of the request and present a report within 24 hours.

“The Senate Committee on Local and Foreign Loans should, therefore, give the request expeditious consideration and report back within 24 hours,” Akpabio emphasised.

Although the deadline elapsed on Wednesday, the committee submitted its findings during Thursday’s plenary, leading to the loan’s approval.