The Nigerian Senate will approve President Bola Tinubu’s $2.2 billion (about ₦1.77 trillion) loan request today (Wednesday). This request is part of the external borrowing plan outlined to implement the ₦28.7 trillion 2024 budget.
In separate letters read during the plenary sessions of the Senate and the House of Representatives on Tuesday, President Tinubu explained that the loan is intended to partially finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
After reading the letter, Senate President Godswill Akpabio directed the Senate Committee on Local and Foreign Debts to examine the request and submit a report within 24 hours.
Akpabio stated, “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. The Senate Committee on Local and Foreign Loans should therefore give the request expeditious consideration and report back within 24 hours.”
In addition to the loan request, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to both the Senate and the House of Representatives.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and report back within one week.
Key parameters in the MTEF/FSP include:
– Oil price benchmark of $75 per barrel.
– Daily oil production set at 2.06 million barrels.
– Exchange rate of ₦1,400 to $1.
– Targeted GDP growth rate of 6.4%.
These figures will form the basis for the consideration and approval of the proposed ₦47.9 trillion 2025 budget.
In a related move, President Tinubu also forwarded the **Social Investment Programme Amendment Bill** to the National Assembly.
The proposed amendment aims to strengthen the framework for implementing social welfare programs and ensure greater transparency and efficiency.
According to Tinubu, the amendment seeks to designate the National Investment Register as the primary tool for identifying and targeting beneficiaries of social investment initiatives.
He noted that this measure would make welfare programs more data-driven and effective in providing social protection for the most vulnerable citizens in Nigeria.
The proposal, submitted under Section 58(2) of the 1999 Constitution (as amended), requires urgent consideration by the Senate.
If passed, the amendment will enhance the management and delivery of social investment programs, increasing their capacity to combat poverty and inequality nationwide.
The Senate has referred the bill to the relevant committees for further review, with deliberations expected in subsequent sessions.
This development underscores the Tinubu administration’s commitment to using technology and data to optimize the impact of its social welfare initiatives.