The Nigerian Senate has approved the $2.2 billion loan request from President Bola Tinubu, following a detailed review of the proposal.
The approval was granted during Thursday’s plenary session after Aliyu Wamakko, Chairman of the Committee on Local and Foreign Debt, presented his committee’s findings.
Deputy Senate President Jibrin Barau presided over the session and commended the committee for its thorough and prompt work.
The loan, equivalent to ₦1.7 trillion at an exchange rate of N800 per dollar, will help address the ₦9.1 trillion deficit in Nigeria’s 2024 budget. This approval follows President Tinubu’s earlier request to the National Assembly to partially fund the ₦9.7 trillion budget shortfall.
In addition to the borrowing plan, President Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027, providing a long-term economic roadmap.
He also introduced the **National Social Investment Programme Establishment Amendment Bill**, aimed at improving the transparency and efficiency of welfare initiatives.
In a related development, the Senate explained the rationale behind the removal of Danladi Umar as Chairman of the Code of Conduct Tribunal (CCT).
According to Senator Yemi Adaramodu, Chairman of the Senate Committee on Media, the decision underscores the accountability expected from individuals appointed to public office.
Despite patience shown by the Senate during the review process, Umar’s alleged misconduct led to his eventual dismissal, with a replacement already forwarded by the President for screening.