President Bola Ahmed Tinubu’s request for an additional external loan of ₦1.77 trillion, approximately $2.209 billion, for the 2024 Appropriation Act has been endorsed by the Nigerian Senate, SAVANNAH NEWSNOW REPORTS.
This decision was made on November 21 during a plenary session, after reviewing a report from the Senate Committee on Local and Foreign Debt. Senator Aliyu Wamakko, the committee’s chairman, presented details from a letter by President Tinubu, which was previously read by Senate President Godswill Akpabio.
The loan is intended to support the ₦28.7 trillion budget for 2024 and complies with the Debt Management Office Act’s Sections 21(1) and 27(1), having also received approval from the Federal Executive Council.
