The Senate is expected to approve President Bola Ahmed Tinubu’s $2.2 billion loan request today, November 20. This loan forms part of the external borrowing plan designed to support the N28.7 trillion 2024 budget. In letters addressed to the Senate and House of Representatives during Tuesday’s plenary sessions, President Tinubu explained that the funds would help bridge the N9.7 trillion budget deficit projected for the upcoming fiscal year.
Senate President Godswill Akpabio underscored the importance of the request, instructing the Senate Committee on Local and Foreign Debts to review it and submit their findings within 24 hours. He highlighted that the $2.2 billion, approximately N1.77 trillion, is already factored into the external borrowing plan for 2024, necessitating an expedited review.
Alongside the loan request, the President submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for 2025–2027, which outline key economic indicators such as a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%. These projections will serve as the foundation for the proposed N47.9 trillion 2025 budget, with the Senate Committee on Finance and Economic Affairs tasked to provide a report within a week.
In another significant development, President Tinubu introduced the Social Investment Programme Amendment Bill to the National Assembly. The bill seeks to strengthen the framework for managing social welfare initiatives by incorporating the National Investment Register as a central tool for identifying and targeting beneficiaries. This data-driven approach aims to enhance transparency and ensure that social programs effectively address the needs of Nigeria’s most vulnerable citizens.
President Tinubu stated that the amendment would improve the efficiency of social welfare initiatives, making them more impactful in combating poverty and inequality. The proposal, submitted under Section 58(2) of the 1999 Constitution (as amended), calls for urgent legislative action to optimize the administration of these programs. If passed, the amendment is expected to significantly enhance the government’s ability to deliver meaningful social protections while addressing critical economic challenges.
