The Nigerian Senate has approved President Bola Tinubu’s request for a new external borrowing of N1.77 trillion as part of the 2024 Appropriation Act.
The approval was granted during plenary on Thursday .
Though, this is coming following the Senate’s consideration of a report presented by the Senate Committee on Local and Foreign Debt.
Senator Aliyu Wamakko, chairman of the committee outlined the details of the request, which had been submitted by Mr Tinubu in a letter read by Senate President Godswill Akpabio earlier in the week.
In the letter, Tinubu explained that the external loan would contribute to funding the ₦28.7 trillion 2024 budget.
He stressed that the request is in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office Act and had already been approved by the Federal Executive Council (FEC).