The Nigerian Senate has approved President Bola Tinubu’s request for a $2.2 billion loan to help finance the ₦9.7 trillion budget deficit for the 2024 fiscal year.
The approval came after the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, presented its report during a plenary session.
Deputy Senate President Jibrin Barau commended the committee for its swift action and thorough examination of the loan request. The loan, which is part of the external borrowing plan for the 2024 fiscal year, will be raised through instruments like Eurobonds and Sukuk.
Finance Minister Wale Edun explained that approximately $1.7 billion is expected from the Eurobond offer and $500 million from Sukuk financing. The funds will be used to strengthen the country’s finances and support economic reforms.
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