The Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately N1.77 trillion) loan request today (Wednesday). This borrowing is part of the external financing plan for the implementation of the N28.7 trillion 2024 budget.
The loan request, outlined in letters read during the Senate and House of Representatives plenary sessions on Tuesday, aims to partially address the N9.7 trillion budget deficit projected for 2024.
Senate President Godswill Akpabio tasked the Senate Committee on Local and Foreign Debts with reviewing the request and reporting back within 24 hours.
Akpabio explained, “The President’s $2.2 billion request, equivalent to N1.77 trillion, aligns with the external borrowing plan for the 2024 fiscal year. The Senate Committee on Local and Foreign Loans must give it prompt attention and submit its findings immediately.”
In addition, President Tinubu submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 to the National Assembly. Key projections in the MTEF/FSP include:
Oil price benchmark: $75 per barrel
Daily oil production: 2.06 million barrels
These figures provide the foundation for the proposed N47.9 trillion 2025 budget. The Senate Committee on Finance, National Planning, and Economic Affairs has been directed to review the MTEF/FSP and report within a week.
Meanwhile, Tinubu has also forwarded the Social Investment Programme (SIP) Amendment Bill to the National Assembly. This bill aims to strengthen the framework for implementing social welfare programs, ensuring greater transparency and efficiency.
According to Tinubu, the amendment will designate the National Investment Register as the primary tool for identifying beneficiaries of social initiatives. This data-driven approach is expected to enhance the effectiveness of welfare programs and ensure better protection for Nigeria’s most vulnerable citizens.
“The amendment will make our social and welfare programs more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” Tinubu said.
The proposal, submitted under Section 58(2) of the 1999 Constitution (as amended), is being reviewed by the Senate and relevant committees. If passed, it will bolster efforts to combat poverty and inequality nationwide, while leveraging technology to optimise the impact of welfare initiatives.
This development underscores the Tinubu administration’s commitment to fiscal responsibility and improving social protection programs for the betterment of Nigerians.
