The House of Representatives has approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to address the budget deficit in the 2024 appropriation act.
During Thursday’s plenary session, led by House Speaker Tajudeen Abbas, lawmakers granted the request following the presentation of a report by the House Committee on Loans and Debt Management. This approval mirrors a similar nod from the Senate, which had earlier reviewed and sanctioned the loan based on a report by Aliyu Wamakko, chairman of the Committee on Local and Foreign Debt.
Deputy Senate President Jibrin Barau, who presided over the Senate session, commended the committee for its swift and thorough examination of the proposal.
With an exchange rate of ₦800 per dollar, the loan translates to ₦1.77 trillion and will help address the ₦9.7 trillion budget shortfall in the 2024 fiscal plan. President Tinubu’s administration had sought the loan to bridge the gap created by the ₦9.1 trillion revenue shortfall outlined in the budget.
House Rejects Single Six-Year Term Proposal
In a related development, the House of Representatives has turned down a proposed constitutional amendment seeking to establish a single six-year term for the presidency, state governors, and local government chairpersons.
The bill, aimed at reducing the costs associated with frequent elections, was introduced four months ago and had passed its first reading. However, during Thursday’s session, lawmakers voted against advancing the proposal to a second reading, effectively halting its progress.
